History
When Libya was a part of the Ottoman Empire, the country used the Ottoman qirsh (XOTP), issuing some coins locally until 1844. When Italy took over the country in 1911, the Italian lira was introduced. In 1943, Libya was split into French and British mandate territories. Algerian francs were used in the French mandate, whilst Tripolitanian lira issued by the British Military Authorities were used in the British mandate.
In 1951, the pound was introduced, replacing the franc and lira at rates of 1 pound = 480 lire = 980 francs. The pound was replaced, at par, by the dinar in 1971 following the Libyan Revolution of 1969.
Read more about this topic: Libyan Pound
Famous quotes containing the word history:
“All things are moral. That soul, which within us is a sentiment, outside of us is a law. We feel its inspiration; out there in history we can see its fatal strength.”
—Ralph Waldo Emerson (1803–1882)
“Universal history is the history of a few metaphors.”
—Jorge Luis Borges (1899–1986)
“... that there is no other way,
That the history of creation proceeds according to
Stringent laws, and that things
Do get done in this way, but never the things
We set out to accomplish and wanted so desperately
To see come into being.”
—John Ashbery (b. 1927)