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Currency in Malta ) CURRENCY IN MALTA ) Joseph C. Sammut CENTRAL BANK OF MALTA 2001 CONTENTS List of Plates ........................ ......................... ......... ............................................ .... ... XllI List of Illustrated Documents ............ ,...................................................................... XVll Foreword .................................................................................................................. XIX } Preface...................................................................................................................... XXI Author's Introduction............................................................................................... XXllI I THE COINAGE OF MALTA The Earliest Coins found in Malta.................................................................... 1 Maltese Coins of the Roman Period................................................................. 2 Roman Coinage ................................................................................................ 5 Vandalic, Ostrogothic and Byzantine Coins ........... ............ ............ ............ ...... 7 Muslim Coinage ............................................................................................... 8 Medieval Currency ........................................................................................... 9 The Coinage of the Order of St John in Malta (1530-1798) ............................ 34 The Mint of the Order....................................................................................... 37 Coins and Siege Ingots struck during the French Occupation (1798-1800) ..... 42 Currency in Malta during British Rule (1800-1964) ........................................ 60 The Establishment of the Central Bank of Malta. .......... .... ......... ............... ...... 70 Decimalization.................................................................................................. 90 First Series of Decimal Coins, 1972 ................................................................. 93 Second Series of Decimal Coins, 1986 ............................................................. 94 Coinage Change-over....................................................................................... 95 ix CURRENCY IN MALTA Corpus of Illustrated Documents......... ..... .. .... ......... ..................... .. ............. ..... 104 Non-circulating legal tender Coins .................................... ............................... 120 11 BANKNOTES AND CURRENCY NOTES Rudimentary Banking Services and Money-lending under the Order of St. John ..... ...................... .. ... .... ......................... ... .. ........ ........ ....... 149 The First Banks under British Rule .... ................................... ................ .......... 151 Banknotes ............................... ..................................... .. ............................ ....... 152 Demonetization of the Sicilian Dollar .................................. ............... .... ......... 154 Renewed Issue of Banknotes ....................................... ..................................... 155 Money-changers' Notes ........................ ..... ........................................ ............... 158 Temporary Government Paper Currency ..... .... .................................... ............ 159 Currency Notes Ordinance No. VIII of 1914 ... ................................................ 160 British Paper Currency .............................. ............................ ................ ... ........ 162 Currency Notes printed under Ordinance No. VIII of 1914, Amendment Ordinance 1918 ..... .................... ............. .. .................................... 163 Bank of England Notes ..... .... .................................. ....... ................................... 164 World War 11 and the Paper Currency Ordinance, 1939 ................. ...... ..... ..... 165 Note Security Fund ................. .......................... ........... ... .................................. 168 Permanent Paper Currency .......................................................................... ..... 171 Five-Pound Notes ................. .......... .. .. .... .......... ................................................ 173 1963 Pictorial Issue .............. ....... .. ... ............... ....................................... .......... 173 Central Bank of Malta Currency Notes (First Series) ..... ..................... ... ......... 173 CBM Second Series of Currency Notes ... .... ..... ..................... .. ...... .................. 174 CBM Third Series of Currency Notes ........ ..... ...................... ........ ~.................. 176 CBM Fourth Series of Currency Notes .............. .................. ............................ 178 CBM Fifth Series of Currency Notes ...................................................... ... .. .... 179 CBM Special Millennium Notes ....... .. .............................. ............................... 182 x CONTENTS III VALUE OF THE CURRENCY Currency Trends since the 1950s .... .. .. .... .. ... ................................. .. .... .............. 225 Backing of the Currency........ ........................................ .. ................................. 231 External Value of the Lira ............................................... ................ ............... .. 236 Epilogue........................................................ .. ... ....... .. ...................................... 267 APPENDICES I Denominations in the Coinage of the Order of St John ............................ .. ...... 269 II Central Bank of Malta Decimal Coin Series (Specifications) .......................... 273 III Central Bank of Malta Coin Emissions for Numismatic Purposes .......... ........ 277 } IV Banknotes and Official Currency Notes .................... ....................................... 285 Bibliography and Abbreviations .................... ...................................... ..................... 295 Index .... .... ................ .............................. ............. ...................................... ........... ..... 307 xi INDEX compiled by George Mifsud-Chircop Notes Maltese letters CIC (ltI!) and C/g (/dj/) follow English letters C/c and G/g respectively; Maltese letters Gfllgli (//glil/) and filii (lh/) follow English letter H/h; and Maltese letters Z/i (Iz/) and Z/z (ldz/) follow English letter ZIz. Italicized references refer to illustrations, maps, plates and descriptions of plates, bold references to charts; references preceded by f. refer to facing pages. For referenced abbreviations, see "Bibliography and Abbreviations," pp. 295-301. A Alfonso I (IV in Catalonia, V in Aragon), Alfonso I on horseback. See coinage/coins A. Oaby (London), 158 Alfonso V (king of Aragon), 180 , Abd-al-Malik. See coinage/coins , Al-Imam al-Abbasi ' Abd-allah. See coinage/coins Abela, G(ianli%vanni) F(rancesco), 5, 6, 8,12,14, , AI-Imam Ma'add Abu Tamlm al-Mustan~ir-biJ]ah , 28 16,20,22,24,26,28,92,120, 121,123,244, , Ali. See coinage/coins 295,302 , All bin Yusuf. See coinage/coins See numismatics: themes alloy, 1, 82, 100 Abela, Joseph (Dr), 92, 121 Almoravid dynasty. See coinage/coins Abela, Maurice, 244 , AI-Mustan~ir - billah, 28 Abela-Ciantar, 28 See coinage/coins ABR,18 aluminium tokens. See coinage/coins See Amandry, M., Burnett, A., Ripolles, P. Amandry, M., 295 accountant general, 69, 71, 90, 92, 172, 173 See ABR acolytes. See coinage/coins Amari, M., 302 Adams Hunter, John (Sir), 166 Anastasius, 26 Adriatic, 14 Andersen, Borge, 120 Aesculapius, 3 Angevins, 30 aggio,61 Malta in hardship, 30 Aghlabids. See Sicily See Malta Agius, Anton, 181 Anglo-Egyptian Bank Co. Ltd. 68, 153, 156,157,158, Agrigento, 4 159 Aire (France), 42 See British Rule in Malta: banks , Al Imam ' Abd-Allah. See coinage/coins Anglo-Maltese Bank, 62, 80,152,153, 154, 155, 156, A1agona, Artale d', 32 157,158,285 Alagona, Giovanna d', 32 See British Rule in Malta Album, S., 302 Annigoni, Pietro, 173, 289 Alexandria, 42 antiquities, 5 alfonsino. See coinage/coins Antonia Augusta. See coinage/coins CURRENCY IN MALTA Antonia the Younger, 20 See British Rule in Malta: banks Antoninus Pius, 22 bandi. See coinage/coins See coinage/coins Bank of England, 70, 164, 172 AOM,f 40,56,58, lO6, lO7, 108, lO9, llO, Ill, 112, Bank of Malta, Bank of Valletta Ltd. See British Rule 113,114,115 in Malta: banks Apollo. See coinage/coins Banka Guratali ta' Gliawdex, Banka Guratali ta' 1- Aquileia (near Trieste, Italy), 24 Imdina. See currency notes Arabs, 7, 8, 30, 306 banks, 61, 62, 63, 84, 86,90, 119, 152, 153, 154, 158, conquest of Sicily, 8 159, 160, 161, 162, 163, 165, 168, 169, 172,227, Aragonese, 10, 30,32, 180 229,230,234,243,244,245,252,258,261,262 See coinage/coins, Malta import Sicilian coins though declared illegal tender Arcadius, 7, 8, 24 in Malta 84. See coinage/coins See coinage/coins, currency, Order of St John archaeological material research, 7 Barbara, Agatha (President of the Republic), 178,292 Archives of the Order,f 40, lO4, 295 See currency notes Archivio di Stato (Palermo), lO4 Barbarian king, 7 Arethusa, argenteus, arms . See coinage/coins Barbaro, Carlo Antonio (Marquis of San Giorgio), 6, 9, Artuk, 1. & c., 302 -' 302 as/asses, 6 Barclays Bank D.e. & 0., 153, 156,244 See coinage/coins barley, lO5 Asia Minor bartering. See Medieval Europe Lydians,1 Ionian Greeks, 1,9 Askew, Gilbert, 18, 295 Bartho & Co. (London), 158 Astarte, 3 Bartol0,
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