The 500 lire was an iconic coin of the Italian Republic, in circulation from 1958 to 2001, when it was replaced by the euro.
Let’s know better the history of the 500 lire
Introduced with the monetary reform of 1958, the first series of 500 lire, known as “Caravelle”, was made of silver (835‰) and featured three caravels on the obverse, symbols of Renaissance exploration voyages, and on the reverse a female bust surrounded by coats of arms of the Italian regions.
Minted annually from 1958 to 1967, the “Caravelle” are today appreciated by collectors, especially those from the first years (1958-1961) for their rarity and the quality of the material.
Starting from 1968, the production of the 500 lire switched to a new bimetallic type, with the center in cupronickele the external crown in nickel-brass.
The design was updated over the years, while maintaining distinctive elements such as the statue of the Equestrian Monument to Vittorio Emanuele II on the obverse and a globe with laurel wreath on the reverse.
Alongside the coins intended for circulation, commemorative series in gold and silver were also minted in limited editions.
The value of the 500 lire varies depending on the series, the state of conservation and the rarity of the coin. The “Caravelle” in silver, especially those from the early years, can reach high prices due to their rarity and the value of the metal.
Here are the characteristics of the 500 lire Caravelle coins
Made of silver (83.5% silver), it had significant intrinsic value for everyday transactions of the time. The obverse (head) design features three caravels, majestic sailing ships that symbolize the Renaissance spirit of exploration. The reverse (cross) depicts a beautiful female bust with a Renaissance hairstyle and dress, surrounded by the emblems of the 19 Italian regions of the time.
The silver content makes the “Caravelle” intrinsically precious, especially when compared to later bimetallic 500 lire coins.
A common “Caravelle” in average condition can be worth from a few tens of euros to a few hundred.
Well-preserved specimens, especially from the early years, can be worth several thousand euros.
Particularly rare variants with minting errors can fetch much higher prices, potentially in the tens of thousands of euros depending on the severity and collectibility of the error.
Even bimetallic coins, despite having a lower intrinsic value, can be interesting for collectors if in “Brilliant Uncirculated” condition or with particular characteristics.
Advice for collectors
If you own a “Caravelle,” take high-quality photographs that show both sides of the coin clearly.
Turn to online numismatic catalogs or collector forums to get an initial estimate based on the characteristics of your coin (year, state of preservation, etc.).
For a more professional appraisal, consider working with a trusted coin dealer or numismatic expert. These professionals can examine the coin in person and provide a more accurate estimate of its value based on current market trends.
