The Maltese Lira

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THE MALTESE LIRA On 16 May 1972, the Central Bank of Malta issued the first series of decimal coinage based on the Maltese Lira, at the time being roughly equivalent to the British Pound. Each Lira was divided in 100 cents (abbreviation of centesimo, meaning 1/100), while each cent was subdivided in 10 mills (abbreviation of millesimo, meaning 1/1000). The mills coins of the 1972 series - withdrawn from circulation in 1994 9 COINS AND 3 BANKNOTES Initially, a total of 8 coins were issued, namely the 50 cent, 10 cent, 5 cent, 2 cent, 1 cent, 5 mill, 3 mill and 2 mill. These coins were complemented by the issue of three banknotes, namely the 1 Lira, 5 Lira and 10 Lira, on 15 January 1973. Furthermore, a 25 cent coin was introduced in June 1975 to commemorate Malta becoming a Republic within the Commonwealth of Nation on 13 December 1974. This was the first coin to feature the coat of arms of the Republic of Malta on the reverse. NEW SERIES The obverse of the 1986/1991 series - withdrawn from circulation in January 2008 A new series was issued on 19 May 1986. This comprised 7 coins, namely the 1 Lira, 50 cent, 25 cent, 10 cent, 5 cent, 2 cent and 1 cent. Each coin depicted local fauna and flora on the The banknotes of the 1989 series - withdrawn from circulation in January 2008 obverse and the emblem of the Republic on the reverse. No mills were struck as part of this series, though the 5 mil, 3 mil and 2 mil coins issued in 1972 continued to have legal tender. Besides these, 2 Lira, 5 Lira, 10 Lira and 20 Lira banknotes were produced. These included a portrait of H.E. Agatha Barbara, President of the Republic at the time. The emblems of the Maltese Republic of 1974 (left) and of 1988 (right) NEW NATIONAL SYMBOLS The 1986 banknotes were replaced with a new series in 1989. This series coincided with the 25th anniversary of the Independence and depicted an allegorical figure of Melita holding a rudder instead of the President’s portrait. Also, the 1986 coin series was reissued in 1991 with the 1988 emblem of the Republic. This shows a heraldic representation of the Maltese flag with a mural crown and a wreath of olive and palm trees. ABOLISHMENT OF THE MILLS The mills produced in the initial series were formally withdrawn from circulation in 1994. ADOPTION OF THE EURO The Maltese Lira was replaced by the Euro as the official currency of Malta at the fixed exchange rate of 0.4293 per €1 on 1 January 2008. Maltese Lira banknotes and coins continued to have legal tender status and were accepted for cash payments until 31 January 2008. NUMEROUS RESTRIKES Fresh coin restrikes were required on a frequent basis. Indeed, there were a total of 52 different restrikes between 1972 and 2007. The respective designs were respected but the year was changed accordingly. © 2020 Publishing.

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