In 1958, the Italian Mint in Rome began striking a silver coin that would come to be commonly called the Caravelle. The Mint would strike just under 100 million pieces for circulation from 1958 until 1967 when they subsequently began producing the same design exclusively in Brilliant Uncirculated and Proof finishes for official sets.

As one of the most beautiful post-World War II European coins, the need for this coin came about as a result of the dramatic economic growth that Italy began experiencing in the late 1950s. With the signing of the two 1957 Treaties of Rome on the 25th of March, the European Economic Community and the European Atomic Energy Community were created.