The Coinage of Fascist Italy

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Italy, 1 lira, 1936.

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Italy, 2 lire, 1936.

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The obverse of the 5 lire coin of 1936.

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Italy, 5 lire, 1936.

The reverse of the silver 5 lire coin of 1936 depicted a mother with four children, representing "fertility". Mussolini had instigated his pro-natalist "Battle for Births" policy in 1927, aiming to increase Italy's population from 40 to 60 million by exempting families with ten or more children from income tax. He believed that a "great power" such as Italy required a large population, with which to wage war and conquer new territory. For that, he needed Italy's mothers to provide him with lots of Fascist babies, who he hoped would grow up to join Italy's conquering armies. The propagandistic "fertility" design was therefore an invocation to Italy's women to remember their duty.

Mussolini inspects the Fascist baby production line.

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Obverse of the 10 lire coin of 1936.

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Reverse of the 10 lire coin of 1936.

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Obverse of the 20 lire coin of 1936.

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Reverse of the 20 lire coin of 1936.

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The gold 20 lire coin of 1936.  Image courtesy of Varesi Numismatica.

The designs of the circulation silver 10 lire coin and the gold 50 lire collector coin echoed the designs of the 50 and 100 lire gold set of 1931. The gold 50 lire coin, however, carried a design that cleverly incorporated the fasces and the royal shield as parts of an ancient Roman standard, topped by the traditional eagle. The obverse designs portrayed the King as usual, but the legends of the entire new set now celebrated his new imperial status ("IMP", "IMPERATOR").

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The gold 20 lire coin of 1936.  Image courtesy of Heritage Auctions.

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In November 1935 the League of Nations had censured Mussolini for his invasion of independent Ethiopia. In his isolation Mussolini now cultivated Nazi Germany as an ally, and when the Spanish civil war broke out in 1936, the two dictators provided military aid to General Franco and his nationalists. The Fascist slogan, "Believe, obey, fight!" reflected the Duce's old-fashioned view that war kept a nation fit.

Mussolini did not object when Hitler annexed Austria in 1938 and then dismembered Czechoslovakia in 1938 and 1939. Mussolini nevertheless regarded Hitler with fear and envy, and in 1938 he cynically introduced his own anti-Jewish laws to appease the Führer. Fortunately, most Italians ignored them. Many now felt Mussolini was "licking Hitler's boots"; nor did they welcome war in Europe, and Mussolini's popularity plummeted.

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Albania, 1 lek, 1939.

Because he believed Italy's destiny was to dominate the Mediterranean, and to compete with Hitler, the Duce ordered the invasion and conquest of Albania, which was completed in five days, from April 7 to April 12, 1939. Vittorio Emanuele now became King of the Albanians, and, between 1939 and 1941, coins were minted for Albania that showed his portrait on the obverse, while the reverse of the higher denominations depicted the Albanian eagle between two fasces, with the year shown in its Christian and Fascist era versions. On the 0.20, 0.50, 1 and 2 lek coins, the King wears a military helmet, which must have been deeply humiliating to the Albanians who used them.

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Italy, 5 lire, 1940 – trial.

The King is also portrayed wearing a military helmet on this trial Italian 5 lire coin.

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After Germany invaded France in May 1940, Mussolini, expecting a swift German victory, cynically declared war on France and Britain on 10 June 1940. His troops invaded France ten days later. After its defeat, France signed an armistice with Germany on June 22. A Franco-Italian armistice was signed on June 24. Italy then annexed part of Menton, in South East France, and also established a small occupation zone that included Nice and Grenoble.

In October 1940 Mussolini invaded Greece, but by November the brave Greeks had the Italians on the back foot. Hitler intervened with a blitzkrieg occupation of Greece and also Yugoslavia, but to do so he had to postpone his planned invasion of Russia. Mussolini gained Dalmatia, most of Slovenia, and established a protectorate over Montenegro, but Italy did not issue any special coinage for these new conquests and annexations.

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German stamp, 1941: "Two peoples and one struggle".

Libyan stamps, 1941: "Two peoples, one war".

Italian stamps, 1941: "Two peoples, one war".