Maltese lira
Encyclopedia
The lira was the currency of Malta
from 1972 until 31 December 2007. The lira was abbreviated as Lm, although the traditional ₤ sign was often used locally. In English, the Maltese currency was sometimes referred to as the pound.
The euro
replaced the Maltese lira as the official currency of Malta
on 1 January 2008 at the irrevocable fixed exchange rate of 0.429300 MTL per 1 euro.
of the local currency. This exchange rate meant that the smallest Maltese coin, the grano, was worth one third of a farthing (1 scudo = 20 tari = 240 grani). Consequently, ⅓ farthing coins were issued for use in Malta until 1913, alongside the regular British coinage. Amongst the British colonies which used the sterling coinage, Malta was unique in having the ⅓ farthing coin.
Between 1914 and 1918, wartime emergency paper money issues were made by the government.
Until 1972, it was subdivided into 20 shilling
s, each of 12 pence
with 4 farthings to the penny; from May 1972 it was divided into 100 cents, and the 1 cent into 10 mils.
Pre-decimal British sterling coinage continued to circulate in Malta for nearly a year after it was withdrawn in the UK due to decimilization on 15 February 1971. Then in 1972, a new, decimal Maltese currency, the lira, was introduced, in both coin and banknote form. The lira was initially equal to the pound sterling, however this parity did not survive long after the floating of sterling on 22 June 1972.
After the Central Bank of Malta
was established by the Central Bank Act of 1967 and began operating on April 17, 1968, the issuing body named on the banknotes switched from "Government of Malta" to "Central Bank of Malta." While the designs of the notes remained unchanged, the colors were changed. The Central Bank refers to this series as the "CBM first series". The CBM second series began with the introduction of lira-denominated notes on January 15, 1973.
with the UK
in 1971. Instead, it adopted a decimal system in 1972, based on the lira (equal to the pound) subdivided into 1000 mils
or 100 cent
s. The name "lira" was used on banknotes beginning in 1973, initially jointly with "pound", and exclusively on both coins and banknotes since 1986. Mils were removed from circulation in 1994.
On entry into the European Union, Malta agreed to adopt the euro. The lira was replaced by the euro
on 1 January 2008, as part of the Economic and Monetary Union of the European Union
.
as the official currency of Malta
at the irrevocable fixed exchange rate of 0.429300 MTL per 1 EUR.
However, Maltese lira banknotes and coins continued to have legal tender
status and were accepted for cash payments until 31 January 2008. Maltese liri were convertible free of charge at all Maltese credit institutions until 30 March 2008.
Maltese coins were convertible at the Central Bank of Malta
until 1 February 2010, and banknotes until 31 January 2018.
(GBP) until the late 1970s, since then the lira had been allowed to float, anchored to a basket of reserve currencies
. The lira had subsequently been worth around £1.60 sterling. After the Kuwaiti dinar
, it was the second-highest-valued currency unit in the world, being worth US$
3.1596 as of 28 April 2007. After the dollar weakened against other currencies in mid 2006, the lira was worth US$
3.35289 as of 16 December 2007.
The currency entered the ERM II on 2 May 2005, by which its value had to be maintained within a 15% band around the central parity rate of 0.429300 LM per euro. The Central Bank of Malta and Maltese Government unilaterally decided to keep the actual LM/euro exchange rate equal to the central parity rate (i.e., doing away with the 15% band) throughout the ERM II period.
The irrevocable fixed conversion rate was established by the ECOFIN on 10 July 2008, at 0.4293 lira to one euro.
introduced the decimal ½ penny for this reason. Malta went "one better" in introducing the mil. It will be noted that there was no 1 mil coin. However, the coins that were provided (2, 3, and 5 mils) allowed goods to be priced (and change given) for any number of mils. In 1975, a 25 cent coin was introduced.
A new coinage was issued in 1986 in denominations of 1, 2, 5, 10, 25 and 50 cents and 1 lira. A third series was introduced in 1991 due to the change in Malta's coat of arms. The mils were withdrawn in 1994, although for some time only the 5 mils had been seen (and then only rarely).
Banknotes of the fourth series were:
Banknotes in circulation at the time of the introduction of the euro were:
Malta
Malta , officially known as the Republic of Malta , is a Southern European country consisting of an archipelago situated in the centre of the Mediterranean, south of Sicily, east of Tunisia and north of Libya, with Gibraltar to the west and Alexandria to the east.Malta covers just over in...
from 1972 until 31 December 2007. The lira was abbreviated as Lm, although the traditional ₤ sign was often used locally. In English, the Maltese currency was sometimes referred to as the pound.
The euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
replaced the Maltese lira as the official currency of Malta
Malta
Malta , officially known as the Republic of Malta , is a Southern European country consisting of an archipelago situated in the centre of the Mediterranean, south of Sicily, east of Tunisia and north of Libya, with Gibraltar to the west and Alexandria to the east.Malta covers just over in...
on 1 January 2008 at the irrevocable fixed exchange rate of 0.429300 MTL per 1 euro.
Pound
In 1825, an imperial order-in-council introduced British currency to Malta, replacing a situation where various coinages circulated, including that issued in Malta by the Knights of St John. The pound was valued at 12 scudiMaltese scudo
The scudo is the official currency of the Sovereign Military Order of Malta and was the currency of Malta during the rule of the Order over Malta, which ended in 1798. It is subdivided into 12 tari , each of 20 grani with 6 piccioli to the grano...
of the local currency. This exchange rate meant that the smallest Maltese coin, the grano, was worth one third of a farthing (1 scudo = 20 tari = 240 grani). Consequently, ⅓ farthing coins were issued for use in Malta until 1913, alongside the regular British coinage. Amongst the British colonies which used the sterling coinage, Malta was unique in having the ⅓ farthing coin.
Between 1914 and 1918, wartime emergency paper money issues were made by the government.
Until 1972, it was subdivided into 20 shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s, each of 12 pence
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
with 4 farthings to the penny; from May 1972 it was divided into 100 cents, and the 1 cent into 10 mils.
Pre-decimal British sterling coinage continued to circulate in Malta for nearly a year after it was withdrawn in the UK due to decimilization on 15 February 1971. Then in 1972, a new, decimal Maltese currency, the lira, was introduced, in both coin and banknote form. The lira was initially equal to the pound sterling, however this parity did not survive long after the floating of sterling on 22 June 1972.
Banknotes
Emergency issues between 1914 and 1918 were in denominations of 5 and 10 shillings, 1, 5 and 10 pounds. In 1939, notes for 2½, 5 and 10 shillings and 1 pound were issued, to which 1 shilling notes were added in 1940. Note production continued after the Second World War in denominations of 10 shillings and 1 pound, with 5 pounds notes reintroduced between 1961–1963.After the Central Bank of Malta
Central Bank of Malta
The Central Bank of Malta was established on 17 April 1968. In May 2004, when Malta joined the European Union, it became an integral part of the European System of Central Banks. It was responsible for, amongst other things, issuing Maltese lira banknotes and coins, before Malta adopted the euro...
was established by the Central Bank Act of 1967 and began operating on April 17, 1968, the issuing body named on the banknotes switched from "Government of Malta" to "Central Bank of Malta." While the designs of the notes remained unchanged, the colors were changed. The Central Bank refers to this series as the "CBM first series". The CBM second series began with the introduction of lira-denominated notes on January 15, 1973.
Lira
Although using British coins, Malta did not decimalizeDecimalisation
Decimal currency is the term used to describe any currency that is based on one basic unit of currency and a sub-unit which is a power of 10, most commonly 100....
with the UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
in 1971. Instead, it adopted a decimal system in 1972, based on the lira (equal to the pound) subdivided into 1000 mils
Mill (currency)
The mill or mille is a now-abstract unit of currency used sometimes in accounting. In the United States, it is a notional unit equivalent to of a United States dollar...
or 100 cent
Cent (currency)
In many national currencies, the cent is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin which is worth one cent....
s. The name "lira" was used on banknotes beginning in 1973, initially jointly with "pound", and exclusively on both coins and banknotes since 1986. Mils were removed from circulation in 1994.
On entry into the European Union, Malta agreed to adopt the euro. The lira was replaced by the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
on 1 January 2008, as part of the Economic and Monetary Union of the European Union
Economic and Monetary Union of the European Union
The Economic and Monetary Union is an umbrella term for the group of policies aimed at converging the economies of members of the European Union in three stages so as to allow them to adopt a single currency, the euro. As such, it is largely synonymous with the eurozone.All member states of the...
.
Euro changeover
The Maltese lira was replaced by the euroEuro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
as the official currency of Malta
Malta
Malta , officially known as the Republic of Malta , is a Southern European country consisting of an archipelago situated in the centre of the Mediterranean, south of Sicily, east of Tunisia and north of Libya, with Gibraltar to the west and Alexandria to the east.Malta covers just over in...
at the irrevocable fixed exchange rate of 0.429300 MTL per 1 EUR.
However, Maltese lira banknotes and coins continued to have legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
status and were accepted for cash payments until 31 January 2008. Maltese liri were convertible free of charge at all Maltese credit institutions until 30 March 2008.
Maltese coins were convertible at the Central Bank of Malta
Central Bank of Malta
The Central Bank of Malta was established on 17 April 1968. In May 2004, when Malta joined the European Union, it became an integral part of the European System of Central Banks. It was responsible for, amongst other things, issuing Maltese lira banknotes and coins, before Malta adopted the euro...
until 1 February 2010, and banknotes until 31 January 2018.
Exchange rate
The Maltese pound/lira was on a par with the British pound sterlingPound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
(GBP) until the late 1970s, since then the lira had been allowed to float, anchored to a basket of reserve currencies
Reserve currency
A reserve currency, or anchor currency, is a currency that is held in significant quantities by many governments and institutions as part of their foreign exchange reserves...
. The lira had subsequently been worth around £1.60 sterling. After the Kuwaiti dinar
Kuwaiti dinar
The dinar is the currency of Kuwait. It is sub-divided into 1000 fils. It is the highest-valued currency unit in the world.-History:...
, it was the second-highest-valued currency unit in the world, being worth US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
3.1596 as of 28 April 2007. After the dollar weakened against other currencies in mid 2006, the lira was worth US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
3.35289 as of 16 December 2007.
The currency entered the ERM II on 2 May 2005, by which its value had to be maintained within a 15% band around the central parity rate of 0.429300 LM per euro. The Central Bank of Malta and Maltese Government unilaterally decided to keep the actual LM/euro exchange rate equal to the central parity rate (i.e., doing away with the 15% band) throughout the ERM II period.
The irrevocable fixed conversion rate was established by the ECOFIN on 10 July 2008, at 0.4293 lira to one euro.
Coins
Decimal coinage was introduced in 1972 in denominations of 2, 3 and 5 mils, 1, 2, 5, 10 and 50 cents. The division of the lira into 100 cents (rather than the 240 pence of the old system) meant that the cent was a relatively large unit - the United KingdomUnited Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
introduced the decimal ½ penny for this reason. Malta went "one better" in introducing the mil. It will be noted that there was no 1 mil coin. However, the coins that were provided (2, 3, and 5 mils) allowed goods to be priced (and change given) for any number of mils. In 1975, a 25 cent coin was introduced.
A new coinage was issued in 1986 in denominations of 1, 2, 5, 10, 25 and 50 cents and 1 lira. A third series was introduced in 1991 due to the change in Malta's coat of arms. The mils were withdrawn in 1994, although for some time only the 5 mils had been seen (and then only rarely).
Banknotes
On January 15, 1973, banknotes were introduced, denominated in liri on the obverse and pounds on the reverse, in denominations of 1, 5 and 10 liri. In 1986, 1 lira notes were replaced by coins and 2 lira and 20 lira notes were introduced. Four series had been issuing, designated the second to the fifth series by the Central Bank, with the first series in the pound.| Banknote Series the Maltese lira | |||
|---|---|---|---|
| Series | Symbol | Denominations | Date of issue |
| 2nd | £M | £M1, 5, 10 | 1973 |
| 3rd | 1979 | ||
| 4th | Lm | Lm2, 5, 10, 20 | 1986 |
| 5th | 1989 |
Banknotes of the fourth series were:
| Fourth Series http://www.centralbankmalta.com/site/currency2e.html | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | € equiv. | Dimensions | Main Colour | Description | Date of | ||||||
| Obverse | Reverse | Obverse | Reverse | Watermark | first printing | issue | withdrawal | lapse | ||||
| http://www.banknoteworld.com/banknotes/malta/MaltaP37-2Liri-L1967(1986)-donatedth_f.jpg | http://www.banknoteworld.com/banknotes/malta/MaltaP37-2Liri-L1967(1986)-donatedth_b.jpg | Lm2 | 4.66 | 138 × 66.5 mm | Red | Agatha Barbara, map of Malta, the ship "Brigantin" (1531). | Marsaxlokk Marsaxlokk Marsaxlokk is a traditional fishing village located in the south-eastern part of Malta, with a population of 3,277 people . The village’s name comes from marsa, which means "port" and xlokk, which is the local name for south east... harbour, gantry crane Gantry crane Gantry cranes, bridge cranes, and overhead cranes, are all types of cranes which lift objects by a hoist which is fitted in a hoist trolley and can move horizontally on a rail or pair of rails fitted under a beam... s |
Allegorical head | 1967 (legal basis) | 17 March 1986 | 15 June 1998 | 15 June 2008 |
| http://www.banknoteworld.com/banknotes/malta/MaltaP38-5Liri-L1967(1986)-donatedth_f.jpg | http://www.banknoteworld.com/banknotes/malta/MaltaP38-5Liri-L1967(1986)-donatedth_b.jpg | Lm5 | 11.65 | 145 × 69 mm | Blue | Agatha Barbara, map of Malta, the ship "Xprunara" (1798) | Mellieħa Bay, a woman engaged in lace making, a fisherman in the course of making fishing pots | |||||
| http://www.banknoteworld.com/banknotes/malta/MaltaP39-10Liri-L1967(1986)-donatedth_f.jpg | http://www.banknoteworld.com/banknotes/malta/MaltaP39-10Liri-L1967(1986)-donatedth_b.jpg | Lm10 | 23.29 | 152 × 72.5 mm | Green | Agatha Barbara, map of Malta, "Tartana" (1740) | Grand Harbour Grand Harbour Grand Harbour is a natural harbour on the island of Malta. It has been used as a harbour since at least Phoenician times... , Malta Drydocks |
13 September 2000 | 13 September 2010 | |||
| http://www.banknoteworld.com/banknotes/malta/MaltaP40-20Liri-L1967(1986)-donatedth_f.jpg | http://www.banknoteworld.com/banknotes/malta/MaltaP40-20Liri-L1967(1986)-donatedth_b.jpg | Lm20 | 46.59 | 159 × 76 mm | Brown | Agatha Barbara, map of Malta, the ship "Xambekk" (1743) | Auberge de Castille Auberge de Castille The Auberge de Castille is located within the city of Valletta and houses the office of the Prime Minister of Malta.-Order of St.John:When the Knights of St John built the city of Valletta they constructed an auberge or inn for each seven of their eight langues... , the monument dedicated to the Maltese worker in Msida Msida Msida or Imsida is a harbour town in Malta with a population of 7,623 . The town is located just west of Valletta on the northeast coast of Malta. The town enjoys a Mediterranean climate with hot, dry, sunny summers and short, cool winters.The neighbouring towns of Msida are Ta' Xbiex, Gzira, San... |
30 November 1992 | 2 December 2002 | |||
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Banknotes in circulation at the time of the introduction of the euro were:
| Fifth Series http://www.centralbankmalta.com/site/currency2e.html | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | € equiv. | Dimensions | Main Colour | Description | Date of | ||||||
| Obverse | Reverse | Obverse | Reverse | Watermark | first printing | issue | withdrawal | lapse | ||||
| http://www.banknoteworld.com/banknotes/malta/MaltaP45-2Liri-L1967(1994)-donatedsrb_f.jpg | http://www.banknoteworld.com/banknotes/malta/MaltaP45-2Liri-L1967(1994)-donatedsrb_b.jpg | Lm2 | 4.66 | 138 × 66.5 mm | Red, violet | A woman holding a rudder, symbolising Malta in control of her own destiny, 3 dove Dove Pigeons and doves constitute the bird family Columbidae within the order Columbiformes, which include some 300 species of near passerines. In general terms "dove" and "pigeon" are used somewhat interchangeably... s symbolising peace, United Nations Emblem Flag of the United Nations The flag of the United Nations was adopted on October 20, 1947, and consists of the official emblem of the United Nations in white on a blue background. The emblem's design is described as:... , the Central Bank of Malta Central Bank of Malta The Central Bank of Malta was established on 17 April 1968. In May 2004, when Malta joined the European Union, it became an integral part of the European System of Central Banks. It was responsible for, amongst other things, issuing Maltese lira banknotes and coins, before Malta adopted the euro... Coat-of-Arms, mosaic designs from the period of Roman presence in Malta. |
The Banka Guratali at Mdina Mdina Mdina, Città Vecchia, or Città Notabile, is the old capital of Malta. Mdina is a medieval walled town situated on a hill in the centre of the island. Punic remains uncovered beyond the city’s walls suggest the importance of the general region to Malta’s Phoenician settlers. Mdina is commonly... and at Rabat, Gozo Victoria, Malta Victoria or Città Victoria is the capital of Gozo, an island of the Maltese archipelago in the Mediterranean Sea. The town has a total population of 6,414 , and by population is the largest locality in Gozo.... |
Allegorical head | 1967 (legal basis) | 18 September 1989 Enhanced: 1 June 1994 |
31 January 2008 | 31 January 2018 |
| http://www.banknoteworld.com/banknotes/malta/MaltaP46-5Liri-L1967(1994)-donatedsrb_f.jpg | http://www.banknoteworld.com/banknotes/malta/MaltaP46-5Liri-L1967(1994)-donatedsrb_b.jpg | Lm5 | 11.65 | 145 × 69 mm | Blue | Mdina Mdina Mdina, Città Vecchia, or Città Notabile, is the old capital of Malta. Mdina is a medieval walled town situated on a hill in the centre of the island. Punic remains uncovered beyond the city’s walls suggest the importance of the general region to Malta’s Phoenician settlers. Mdina is commonly... Gate, Torre dello Standardo, extract from Maltese declaration of rights |
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| http://www.banknoteworld.com/banknotes/malta/MaltaP47-10Liri-L1967(1994)-donatedsrb_f.jpg | http://www.banknoteworld.com/banknotes/malta/MaltaP47-10Liri-L1967(1994)-donatedsrb_b.jpg | Lm10 | 23.29 | 145 × 72.5 mm | Green | 7 June 1919 Monument in Valletta Valletta Valletta is the capital of Malta, colloquially known as Il-Belt in Maltese. It is located in the central-eastern portion of the island of Malta, and the historical city has a population of 6,098. The name "Valletta" is traditionally reserved for the historic walled citadel that serves as Malta's... , a national assembly meeting held on 7 June 1919, the day when four Maltese citizens were killed |
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| http://www.banknoteworld.com/banknotes/malta/MaltaP48-20Liri-L1967(1994)-donatedsrb_f.jpg | http://www.banknoteworld.com/banknotes/malta/MaltaP48-20Liri-L1967(1994)-donatedsrb_b.jpg | Lm20 | 46.59 | 145 × 76 mm | Brown, orange | Giorgio Borg Olivier Giorgio Borg Olivier Giorgio Borg Olivier was twice Prime Minister of Malta as the Leader of the Nationalist Party. He was also Leader of the Opposition between 1955 and 1958 and again between 1971 and 1977. He resigned from Leader of the Nationalist Party in 1977 and was succeeded by Eddie Fenech Adami... , raising of the Maltese flag, a marble tablet in Valletta commemorating Independence |
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See also
- Other currencies or coins named liraLiraLira is the name of the monetary unit of a number of countries, as well as the former currency of Italy, Malta, San Marino and the Vatican City and Israel. The term originates from the value of a Troy pound of high purity silver. The libra was the basis of the monetary system of the Roman Empire...
- Maltese euro coinsMaltese euro coinsMaltese euro coins feature three separate designs for the three series of coins. Malta has been a member of the European Union since 1 May 2004, and is a member of the Economic and Monetary Union of the European Union. Malta adopted the euro as its official currency on 1 January 2008, replacing the...
- Highest-valued currency unit
- Economy of MaltaEconomy of MaltaThe strengths of the Economy of Malta are its limestone, a favourable geographic location, and a productive labour force. Malta produces only about 20% of its food needs, has limited freshwater supplies, and has no domestic energy sources. The economy is dependent on foreign trade, manufacturing ,...