Old Money in Italia refers to the Italian Lira, which was the official currency of Italy from 1861 until 2002. The Lira was replaced by the Euro in 2002, and is no longer used as a form of legal tender. The Lira was divided into 100 centesimi, and was issued in both paper and coin form. The Italian Lira was one of the most widely used currencies in the world during its time, and was a major reserve currency in the 20th century.