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Is your name Princess a nickname for Penny? I ask because, by all appearances, you seem to be pound wise (that is the English term for lire don'tcha know), penny foolish.
Never too late. Take your 350 lira to the Italian state bank. They will give you 18 euro cents which you can then exchange for about 22 US cents, less commission, at any FX office.
You are right,lyb, I have the exchange rate the wrong way around. The moral is not to attempt to do currency exchanges at midnight after being up for 18 hours.