The lira (plural lire) was the distinct currency of Venice until 1848, when it was replaced by the Italian lira. It originated from the Carolingian monetary system used in much of Western Europe since the 8th century CE, with the lira subdivided into 20 soldi, each of 12 denari.
The Ionian Islands were an overseas possession of the Republic of Venice from the mid-14th century until the late 18th century. The conquest of the islands took place gradually. The first to be acquired was Cythera and the neighboring islet of Anticythera, indirectly in 1238 and directly after 1363. In 1386 the Council of Corfu, which was the governing body of the island, voted to make Corfu a vassal of Venice. During the Venetian period the Council remained the most powerful institution on the island. A century later, Venice captured Zante in 1485, Cephalonia in 1500 and Ithaca in 1503. These three islands modelled their administration on Corfu's model and formed their own councils. The conquest was completed in 1718 with the capture of Lefkada. Each of the islands remained part of the Venetian Stato da Màr until Napoleon Bonaparte dissolved the Republic of Venice in 1797. The Ionian Islands are situated in the Ionian Sea, off the west coast of Greece. Cythera, the southernmost, is just off the southern tip of the Peloponnese and Corfu, the northernmost, is located at the entrance of the Adriatic Sea. It is believed that the Venetian period on the Ionian Islands was generally prosperous, especially compared with the coinciding Tourkokratia — Turkish rule over the remainder of present-day Greece.
The governor of the Ionian Islands during the Venetian period was the Provveditore generale da Mar, who resided on Corfu. Additionally, each island's authorities were divided into the Venetian and the domestic authorities. The economy of the islands was based on exporting local goods, primarily raisins, olive oil and wine, whereas Venetian lira, the currency of Venice, was also the currency of the islands. Some features of the culture of Venice were incorporated in the culture of the Ionian Islands, thus influencing to this day local music, cuisine and language.