500 Lire Silver

The Italian Republic minted, through the Rome mint, silver coins of 500 lire from 1957 to 2001. Three types were minted: “Caravelle”, “Centenary of Italian Unification” and “Dante Alighieri”.

In 1957, over 2,200 proof specimens of the 500 lire “Caravelle” were minted and given as gifts to Parliament members.

From 1958 to 1967, the 500 lire “Caravelle” were minted and put into circulation, with a pause in 1962 and 1963 to make way for the issuance of the 500 lire “Centenary of Italian Unification”.

In 1965, 500 lire silver “Dante Alighieri” were minted to commemorate the 7th centenary of his birth. The “Proof” coins were donated to the employees of the mint.

From 1968 to 2001, the 500 lire “Caravelle” were minted only for series intended for collectors.

The 500 lire “Caravelle” of PROOF, as well as the types “Centenary of Italian Unification” and “Dante Alighieri” have a diameter of 29 millimeters and a weight of 11 grams. The 500 lire “Caravelle” minted from 1958 onwards still weigh 11 grams but have a diameter of 29.5 millimeters. They are all coins made of 835 ‰ silver.

After 1967, both the increase in the cost of silver and phenomena of hoarding by private individuals led to the abandonment of silver coinage and consequently of the 500 lire “Caravelle”, which were still minted until 2001 in collector issues.

Among the 500 Lire Italian Silver Coins, there are some truly interesting and worthy of further exploration. Some of these, especially the PROOF versions, reach a value of thousands of euros. There will be no shortage of PROOF versions and the designs of various 500 lire silver coins, including commemorative ones. But let's start by talking about the most famous and well-known, namely the 500 Lire Caravelle.

The 500 Lire Caravelle were minted from 1958 to 2001.

• Material: Silver 835%
• Weight: 11 g
• Diameter: 29.5 mm
• Edge: ✯✯✯REPUBLIC OF ITALY✯✯✯date

On the Obverse, there is a portrait of a woman facing left, representing Italy, in perfect Renaissance style, surrounded by 21 different coats of arms referring to 21 different cities. Of these 21 coats of arms, only 19 are fully visible, two are partially hidden by the bust of the woman.

The visible coats of arms, highly detailed, refer to the cities of Genoa, Turin, Aosta, Milan, Trento, Venice, Trieste/Udine, Bologna, Florence, Ancona, Perugia, Rome, L'Aquila, Naples, Bari, Potenza, Catanzaro, Sicily, Cagliari.
At the bottom, there is the signature of the author GIANPAOLI.

On the Reverse, the three Caravels of Christopher Columbus are depicted sailing to the right. The Nina, the Pinta, and the Santa Maria, with the cross on the billowing sails. At the top of the coin, surrounding the depiction, is the inscription REPVBBLICA ITALIANA.
At the bottom, the value L.500 with the R of the Rome mint below.

On the Edge, there is the embossed inscription ✯✯✯REPUBLIC OF ITALY✯✯✯ followed by the date. The authors are Pietro Gianpaoli for the Obverse and Guido Veroi for the Reverse.

Value of the 500 Silver Lire Caravelle

• The value of the 500 Silver Lire Caravelle coins can vary from €8 to €60 depending on the condition and year of issue.

What is the value of the 500 silver lire without a date? There are no coins without a date; the date can be found on the edge of the coin.

Curiosities | 500 Silver Lire Caravelle

One curiosity regarding the Obverse of this coin is that the profile of Italy personified in the figure of a woman is none other than the profile of Gianpaoli's wife, the designer. In fact, after several attempts, Gianpaoli drew inspiration from his wife Letizia Savonitto.

The result was so pleasing that it became, with very minor modifications, the definitive design of the 500 Lire PROOF coin of 1957.

The table shows that in 1962 and 1963 no 500 Lire Caravelle coins were minted, to allow for the issuance of the Commemorative Silver Coins of the Unification of Italy dated 1961, which were actually minted and distributed between 1962/1963.

Another curiosity is that in some specimens from 1958, there is a minting error on the edge of the coin. Instead of the inscription REPVBBLICA ITALIANA, it reads ITALIANA REPVBBLICA. This error makes the coin rare and highly sought after.

The 500 lire 1957 Vele al Contrario are one of the rarest coins of the Italian Republic. This PROOF of the 500 Lire Silver was minted only in 1957. Only 2,200 specimens were produced.

This PROOF coin features on the Reverse the design of three caravels in navigation. The peculiarity lies in the fact that the flags at the top of the masts of the caravels are drawn by Guido Veroi against the wind, thus facing the opposite way of what we would expect when looking at the billowing sails.

Right… the sails, those are correct! But then why are they called 500 Lire Caravels with the sails reversed?

In fact, it is not the sails that are reversed, as is commonly thought, but the flags. The sails are facing the right direction, towards the bow of the ships. So are the flags wrong? No, because there's an additional surprise… neither are the flags facing the wrong way.

In fact, the caravels are sailing against the wind, in close-hauled, and thus both the direction of the flags and that of the sails are correct.
No printing error therefore, just a very precious variant of the coin.

However, by now, in popular culture, these coins are still referred to as “caravels with the sails reversed”, which makes numismatists who are more informed and attentive cringe.

The original design by Guido Veroi shows how the flags were originally envisioned.

Value of the 500 Lire Silver PROOF

• These 500 lire silver PROOF coins have a value that can vary from €3,000 to €12,000 depending on the condition.

A rare coin highly sought after by collectors, if you own one, you are fortunate to have one of the rarest and most valuable coins of the Italian Republic, a sort of Holy Grail of Italian Numismatics.

And now a little surprise, look at the image below:

This is an auction (ongoing at the time we are writing this text) where the lot consists of one of the very rare 500 lire with the flags against the wind. It can be noted that although the auction still has 6 days before closing, the price is already very high. To follow this and other auctions you can click here.

There are two other models of 500 Lire silver whose current value in euros is noteworthy. We are talking about the coins called “500 lire Unità d’Italia” and “500 lire Dante”.

There are Trial Projects of the 500 Lire Silver, such as this 500 Lire Silver PINK minted as a trial in 1957. This Project is well preserved along with other trials at the Numismatic Museum of the Poligrafico Institute of the State Mint in Rome.

On the Obverse, there is a bust of a woman looking to the left, surrounded by 21 different coats of arms referring to the 21 different regions, of which only 19 are fully visible and 2 are partially hidden by the bust of the woman. The coat of arms of Milan on the left mistakenly features the Visconti serpent instead of its Cross. Additionally, the coats of arms of Trento and Udine also had errors that were later corrected. At the bottom is the signature of the artist GIANPAOLI.

The Reverse is the true experimentation, depicting a Rose plant with a blooming flower and a bud among the leaves. Surrounding it is the inscription REPVBBLICA ITALIANA. On the left is the value L.500, on the right the year 1957, and both on the right and left appears the double R, symbol of the Mint of Rome.

Another Trial Project of the 500 Lire Silver is this 500 Lire Silver GAROFANO, also from 1957. Made of silver with a diameter of 24.5 mm.
The design of this coin is preserved at the Numismatic Museum of the Poligrafico Institute of the State Mint in Rome.

On the Obverse, there is a depiction of a woman’s bust with a long neck looking to the left. Surrounding it is the inscription REPVBBLICA ITALIANA.

The Reverse features a carnation plant, again with a blooming flower and a bud. On the left, the value L.500 is engraved, and on the right, the year 1957 with the R symbol of the Rome Mint below it.

Here is the 500 Lire Silver PROJECT Oxen 1957 which, along with the Rosa, Garofano, and David projects, is preserved at the Numismatic Museum of the Poligrafico Institute of the State Mint in Rome. Made of silver and with a diameter of 26.7 mm.

On the Obverse, there is a depiction of a long-necked woman’s bust facing left with her hair tied up in a net. Surrounding it are the 19 coats of arms of the Italian capital cities.

On the Reverse, there is a representation of a farmer guiding a plow pulled by two oxen, facing right. Above is inscribed the text REBVBBLICA ITALIANA and below the value L.500 with the mint mark R.

This is the 500 Lire Silver PROJECT David 1957 which, along with the Rosa, Garofano, and Buoi projects, is preserved at the Numismatic Museum of the Poligrafico Institute of the State Mint in Rome. Made of silver, it has a diameter of 29 mm and a weight of 11 g.

On the Obverse, there is a depiction, facing left, of a woman's head wearing a Phrygian cap with a spike. Surrounding it is the inscription REBVBBLICA ITALIANA.

On the Reverse, there is the representation of David by Verrocchio with the decapitated head of the giant Goliath at his feet. To the right is the value L.500 and to the left the minting year 1957.

The 500 Silver Lire Commemorative are numerous, having been minted from 1967 to 1993, and we have discussed them in detail and analyzed each coin on the dedicated page for 500 Commemorative Silver Lire.

However, there are two other 500 lire coins in Silver that fall among the rare coins and deserve mention:
These are two PROOF versions in Silver of 500 lire.

• The 500 Silver Lire Dante Alighieri PROOF from 1965
• The 500 Silver Commemorative Lire Guglielmo Marconi PROOF from 1974

500 Silver Lire – Dante PROOF

This coin is the 500 Silver Lire PROOF dedicated to Dante. It was produced in 1965 to celebrate the seven-hundredth anniversary of the birth of Dante Alighieri. This coin is a rare coin classified as R2.

The PROOF version of the 500 Silver Lire of Dante is part of the small group of rare and valuable 500 lire coins. It was produced and given to the employees of the mint and distributed as a gift to members of the Italian Parliament.

On the Obverse, there is an engraving of Dante's profile with a laurel crown facing left. Surrounding it is the inscription REPVBBLICA ITALIANA. At the bottom left is the signature of the author SCVLT. G VERGINELLI and on the right INC. G. MONASSI.

On the Reverse, there is an engraving of the allegory of Hell, Purgatory, and Paradise: Flames, Clouds, and Stars among the rays of the sun. On the right is the R of the Rome mint and on the left the inscription PROVA. At the bottom, the value L.500 with the year 1965 below it.

The edge: engraved in relief with the inscription 7° CENTENARIO DELLA NASCITA DI DANTE. The author is Gofredo Verginelli and the engraver is Guerrino Maria Monassi.

Value of the 500 Silver Commemorative Lire of Dante Alighieri PROOF

• The value of these 500 Silver Commemorative Lire of Dante PROOF from 1965 can exceed €2,200.

500 Silver Commemorative Lire – Marconi PROOF

This is the Commemorative 500 Silver Lire Guglielmo Marconi PROOF from 1974, with only 400 specimens minted. The coin was minted to commemorate the centenary of the birth of the scientist and Nobel Prize winner Guglielmo Marconi.

On the Obverse, the profile of Guglielmo Marconi is depicted looking to the left, with the inscription REBVBBLICA ITALIANA around the coin, and below the portrait are the signatures of the authors GIANPAOLI and MONASSI. INC.

On the Reverse, there is a geographical map of Italy with radio waves, a clear reference to the recognition for his contribution to the development of wireless telegraphy. On the left is the value L. 500 with the inscription PROVA below it, and on the right the R, symbol of the Rome mint. At the top is the inscription GUGLIELMO MARCONI and at the bottom the dates 1874-1974.

The Edge bears the inscription in relief: REBVBBLICA ITALIANA. However, there are some specimens that due to a mistake in composition bear the inscription REPVBALIANA BLICA IT, and these coins are highly sought after.

Authors: Pietro Gianpaoli and Guerrino Maria Monassi Engraver

Value of the 500 Silver Commemorative Lire of Guglielmo Marconi PROOF

• The value of this PROOF version of the 500 Commemorative Silver Lire from 1974 dedicated to Guglielmo Marconi ranges from €400 to €600 depending on the condition.

The 500 Silver Lire, or rather, the 500 Italian lire, were minted during two periods of the Italian Republic.

The first, as we have seen, from 1958 to 1967, and throughout this period they were minted in silver. We are talking about the 500 Lire Caravelle, but also all the 500 Commemorative Silver Lire.

Subsequently, with new production techniques, the 500 lire became bimetallic. Silver was replaced by Bronzital and Acmonital. We have discussed this in detail (you can also find images and values of the individual coins) on this page: 500 Italian Bimetallic Lire:

• 1993 500 Lire Banca d'Italia
• 1994 500 Lire Luca Pacioli
• 1996 500 Lire ISTAT
• 1997 500 Lire Polizia Stradale
• 1998 500 IFAD
• 1999 500 Elezioni Europee

Outside of these circulating coin productions, some models were also minted in silver solely for collectors.