Malta Products Shop - Coins and Banknotes
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Information about Coins and Banknotes
Throughout Malta’s history, the coinage used was mostly that of the ruling power of the central Mediterranean at the time. Local coins, probably also minted in Malta are, however, known to have existed in the third century BC.
The Knights of St. John minted and circulated the 'Malta Grain' up to when Naploeon arrived. As a British colony, steps to regularise the monetary system were taken and in 1825 British Gold Sovereigns and Half Sovereigns replaced the old coinage by 1913. British copper coins were declared the sole legal tender in October 1857 and remained so until 1972, in spite of the fact that Malta gained Independence in 1964.
In May 1972 the Malta Currency was developed and the currency system was changed into a decimal one. The Malta pound was divided into 100 cents, and 1 cent into 10 mils. Eight distinctive coins in base metal were issued. In November of the same year, the first series of the Malta Numismatic Gold and Silver Sets were issued. On the 13 December 1974, a new Constitution was approved in Parliament and Malta was proclaimed a Republic within the Commonwealth. Following this event, a new Emblem was adopted.
The Central Bank of Malta is the coin-issuing authority and all coins since 1972 have been issued by the Bank. Moreover, the Bank regularly issues commemorative notes (banknotes) and coins. The Currency Advisory Board recommends a variety of local and international themes such as the Millennium or Entry to the European Union, which are then designed by master craftsmen. The coins are minted at the most renowned mints. The limited mintage figures and the reasonable prices make a purchase of Maltese commemorative coins a worthwhile investment and a precious souvenir of Malta.
Banknote collectors worldwide should not miss the opportunity to acquire one of the two Bank's note wallets wherein all notes bear the same serial number. These wallets bear the coat-of-arms of the Bank, and make an interesting addition to any collection.
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