Flag of Italy. ... Some have attributed particular values to the colors, and a common interpretation is that the green represents the country's plains and the hills; white, the snow-capped Alps; and red, blood spilt in the Wars of Italian independence and Unification.
The lira was the official unit of currency in Italy until January 1, 1999, when it was replaced by the euro (euro coins and notes were not introduced until 2002). Old lira denominated currency ceased to be legal tender on February 28, 2002. The conversion rate is 1,936.27 lire to the euro.