BANKNOTES OF MALTA
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The history of the Maltese Pound.
In 1855 the British Pound was declared the only legal
tender on Malta. Prior to this coins of the English, French, Spanish, Sicilian
dollars and coins of the Knights of the Order of Malta circulated alongside. In
spite of this declaration commerce and banking still continued to use gold and
silver coins of the Order of Malta and Sicily. The foreign coins were finally
removed from circulation in 1885 following a decree by the Italian government,
which left only sterling coins circulating on the island for nearly a century
until 1972. Although using British coinage, Malta did not decimalize its
currency system in 1971 like Britain, Malta finally decimalized in 1972 with the
Pound being divisible by 1000 mils, or 100 cents.
Although Malta’s currency was the Pound sterling, local official notes were
issued denominated in pounds starting in 1914 due to concern over the first
world war, this first series of notes was short lived being replaced by British
treasury notes again in 1915 which circulated until 1949. In 1949 Malta
established a currency board and again began to issue notes, the Maltese pound
was still pegged to the pound sterling and this parity was observed until the
late 1970’s. In 1968 the newly formed Central Bank of Malta took over the
functions of the currency board and began to issue the national currency. The
name Lira, Maltese for pound was not used on banknotes until 1973 and on coins
until 1986.
The ISO 4217 code for the Maltese Pound is MTL, locally prices are expressed
using the pound sign (£) or ML precedes the amount, i.e. ML5,00. Maltese coins
currently come in denominations of 1, 2, 5, 10, 25, 50 cents and 1 Lira, and
banknotes are issued in denominations of 2, 5, 10 and 20 Lira. The Maltese Pound
is the second most valuable currency in the world, Kuwait being ranked at number
one.
In 2008 Malta plans to adopt the euro as its national currency although it must
meet strict fiscal standards during this time to do so.
Leaflets from the Central
Bank of Malta on Maltese banknotes.
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Page created: 20 June 2006
Last Update: 22 June 2006
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