ITALY: THE BANK OF ITALY IS DESTROYING HUNDREDS OF THOUSANDS OF LIRA BANKNOTES AS THE CURRENCY IS SET TO GO OUT OF CIRCULATION BY FEBRUARY 28

Record ID: 566231

  • Title: ITALY: THE BANK OF ITALY IS DESTROYING HUNDREDS OF THOUSANDS OF LIRA BANKNOTES AS THE CURRENCY IS SET TO GO OUT OF CIRCULATION BY FEBRUARY 28
  • Date: 22nd January 2002
  • Summary: FRASCATI, ITALY (JANUARY 22, 2002) (REUTERS - ACCESS ALL) 1. PAN/SV BANK OF ITALY OFFICES (2 SHOTS) 0.11 2. PAN ROOM WHERE DESTRUCTION OF LIRA TAKES PLACE 0.20 3. SV/CU HEAVILY PADLOCKED CRATES HOLDING LIRA (2 SHOTS) 0.25 4. CU EYES OF BAROQUE PAINTER CARAVAGGIO (ON 50,000 LIRA NOTE) PEERING THROUGH BARS 0.27 5. SV/CU NOTES BEING PASSED THROUGH MACHINE TO HAVE HOLES PUNCHED IN THEM (4 SHOTS) 0.46 6. MCU (Italian) MANAGER OF DESTRUCTION ROOM AT BANK OF ITALY, MARIO GUERZONI SAYING: "We perforate the notes with a circular hole always made in the watermark." 0.56 7. CU/SV PERFORATED NOTES BEING PACKED TOGETHER (2 SHOTS) 1.05 8. SV DOOR WITH SIGN READING: 'HEADQUARTERS FOR NOTE DESTRUCTION: NO ENTRY TO UNAUTHORISED PERSONNEL' 1.09 9. SV/CU VARIOUS OF SHREDDING PROCEDURE (7 SHOTS) 1.58 10. SV/CU BRICKS MADE FROM DESTROYED LIRA NOTES ON CONVEYOR BELT (5 SHOTS) 2.14 11. CU OF BRICKS BEING PUT INTO CONTAINERS 2.18 12. MCU (Italian) WORKER IN DESTRUCTION ROOM ROBERTO MANETTI SAYING: "These must be worth about 400,000,000 lira each." 2.28 13. SV/CU BRICLS IN CONTAINERS/ BRICKS BEING WRAPPED FOR COLLECTORS ITEMS (5 SHOTS) 2.49 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 6th February 2002 12:00
  • Keywords:
  • Location: FRASCATI, ITALY
  • Country: Italy
  • Reuters ID: LVAEI4SNS1J7JYGK2BCALX4BZSN4
  • Story Text: The end of a lira - The Bank of Italy is destroying
    hundreds of thousands of lira banknotes, as the currency is
    set to go out of circulation by February 28 establishing the
    euro as the only legal tender.



    In the new age offices of the Bank of Italy just
    outside of Rome, an old era is slowly being destroyed. Crate
    upon crate of lira banknotes arrive every day to go through a
    rigorous procedure to render the notes unusable.

    The scared eyes of Italy's innovative baroque painter
    Caravaggio pear out from the 50,000 lire note behind the bars
    of the heavily padlocked crates of lira. Within a few minutes
    poor old Caravaggio has been passed through machines which
    stab the old currency with holes.

    "We perforate the notes with a circular hole always made
    in the watermark," said one of the managers of the Bank of
    Italy destruction room Mario Guerzoni.

    If that is not enough to bring tears to your eyes the
    notes are then shredded down to form thousands upon thousands
    of small bricks. One brick made from shredded 500,000 lire
    notes (258 euro or 159 sterling) would have the face value of
    350,000,000 lire (180,000 euro or 110,000 sterling), roughly
    the price of a one bedroom apartment in Rome.

    Most of the notes will be discarded as normal refuse but
    many are being packaged for collectors items. The Bank of
    Italy is planning to donate the collectors bricks to a charity
    for them to deal with as they see fit.

    It is thought up to eight months to a year will be needed
    to destroy all of Italy's old lira notes, although the Bank of
    Italy has said they will need to greatly intensify their
    current destruction in order to meet the deadline.


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