200 Lire (Italian Military Aviation) – Italy
Circulating commemorative coins
Commemoration: 70th Anniversary of Italian Military Aviation
Italy
Context
Material
References
KM: #Click to copy to clipboard155
Numista: #720
Value
Exchange value: 200 ITL
Inflation-adjusted value: 415.43 ITL
Obverse
Description:
Female head with long curls facing right. Below neck, a large dot and engraver's name.
Inscription:
REPVBBLICA ITALIANA
M. VALLUCCI
M. VALLUCCI
Translation:
Italian Republic
M. Vallucci
M. Vallucci
Script: Latin
Engraver: Mario Vallucci
Reverse
Description:
Quartered circle with a turntailed eagle above, symbolizing military pilots, containing the badges of the first four WWI squadrons: the X Farman's chimera, the 91st Fighter's rampant griffin, the 10th Caproni Bombing's four-leaf clover, and the 87th Airplane's Lion of Saint Mark. The final quadrant also holds the date, mint mark, and authors' names. The value is inscribed outside the circle.
Inscription:
70° AERONAUTICA | MILITARE 1923-1993
* L. 200 *
1993
R
ZANELLI INV.
GROSSI INC.
* L. 200 *
1993
R
ZANELLI INV.
GROSSI INC.
Translation:
70th Military Aeronautics 1923-1993
* L. 200 *
1993
R
Zanelli designed
Grossi engraved
* L. 200 *
1993
R
Zanelli designed
Grossi engraved
Script: Latin
Engraver: Sergio Grossi
Designer: Luciano Zanelli
Edge
Reeded
Mints
| Name | Mark |
|---|---|
| Rome | R |
Historical background
In 1993, Italy was in the midst of a profound currency crisis, deeply intertwined with a wider political and economic emergency. The lira had been forced out of the European Exchange Rate Mechanism (ERM) in September 1992, following intense speculative attacks. This devaluation, while boosting export competitiveness, was a severe blow to Italy's prestige and its commitment to European monetary integration. The crisis exposed fundamental weaknesses: a massive public debt exceeding 100% of GDP, chronic budget deficits, and a loss of international confidence in the government's ability to manage its finances.
The situation demanded drastic action. The technocratic government of Prime Minister Carlo Azeglio Ciampi, appointed in April 1993, pursued aggressive fiscal consolidation and structural reforms. Key measures included a significant manovra finanziaria (budget package) aimed at reducing the deficit through spending cuts and tax increases, alongside the initiation of privatization programs for state-owned industries. These painful reforms were essential not only for domestic stability but also to realign Italy with the Maastricht Treaty criteria, which set the conditions for joining a future single European currency.
By the end of 1993, the immediate pressure on the lira had eased, but the year was a definitive turning point. The currency crisis had catalyzed a fundamental shift in Italian economic policy, moving away from high inflation and devaluation as tools for competitiveness toward a new paradigm of fiscal discipline and European alignment. This painful transition laid the necessary, albeit difficult, groundwork for Italy's eventual qualification for the Euro a decade later, marking the end of the lira's turbulent final chapter.
The situation demanded drastic action. The technocratic government of Prime Minister Carlo Azeglio Ciampi, appointed in April 1993, pursued aggressive fiscal consolidation and structural reforms. Key measures included a significant manovra finanziaria (budget package) aimed at reducing the deficit through spending cuts and tax increases, alongside the initiation of privatization programs for state-owned industries. These painful reforms were essential not only for domestic stability but also to realign Italy with the Maastricht Treaty criteria, which set the conditions for joining a future single European currency.
By the end of 1993, the immediate pressure on the lira had eased, but the year was a definitive turning point. The currency crisis had catalyzed a fundamental shift in Italian economic policy, moving away from high inflation and devaluation as tools for competitiveness toward a new paradigm of fiscal discipline and European alignment. This painful transition laid the necessary, albeit difficult, groundwork for Italy's eventual qualification for the Euro a decade later, marking the end of the lira's turbulent final chapter.
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