Malta Currency System from Ancient to Modern

Malta's currency system has a rich history that spans thousands of years. The island's first coins were minted in the 4th century BC, during the Punic period.

These early coins were made of electrum, a naturally occurring alloy of gold and silver, and featured the image of Punic gods. The Punic period saw the introduction of a standardized system of weights and measures, which facilitated trade and commerce.

The Roman occupation of Malta in the 1st century BC brought significant changes to the currency system. The Romans introduced their own coins, which featured the image of Roman emperors and gods.

The introduction of the Euro in 2008 marked a significant shift in Malta's currency system, as the country adopted the European single currency. This move aimed to increase economic integration with the rest of the EU.

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Avoid exchanging your cash at airports and hotels, as they rarely offer competitive rates and may have high fees. Instead, opt for exchange bureaus, post offices, and banks in the centre of town for fairer deals.

Keep in mind that offices advertising 'no fees' or 'zero commissions' will likely make up the difference in poor exchange rates.

Not all offices can exchange currencies like AUD, so be sure to check beforehand. United Kingdom pounds (GBP) and United States dollars (USD) are the most common exchange currencies.

To get the best value, consider buying euros online before you leave home. Online currency exchange retailers like S Money can offer real mid-market exchange rates.

If you prefer to exchange currency at a bricks-and-mortar bureau, head to one in the CBD for better deals. Suburban outlets usually don't offer the best deals.

Exchange and conversion can be a tricky business, especially in a foreign country like Malta.

You might be surprised to know that some large hotels and tourist attractions in Malta will accept payments in currencies other than the euro, but be aware that you might not receive change and the exchange rates will be poor.

If you want to save money, it's generally better to change your money into the local currency on arrival. You'll have three main options.

Avoid exchanging your cash at airports and hotels, as they rarely offer competitive rates and may have high fees. This is a common mistake many travelers make, and it can cost you dearly.

Instead, exchange bureaus, post offices, and banks in the centre of town provide fairer deals. Just be aware that some offices may make up for 'no fees' or 'zero commissions' with poor exchange rates.

You'll find that not all offices can exchange currencies like AUD, so it's best to check ahead of time. United Kingdom pounds (GBP) and United States dollars (USD) are the most common exchange currencies.

If you do need to exchange currency, be sure to have notes in perfect condition, as many offices are fussy about ripped or marked bills.

Here are three ways to buy euros from home:

Since Australian airport exchange bureaus are among the most expensive in the world, it's not a good idea to leave your currency exchange until the last minute.

In Malta, the Knights of St John adapted the monetary system to that of Sicily after their arrival on the island.

The Order of St John minted coins in gold, silver, and copper during its 268-year rule in Malta, with the first coins being struck during the brief reign of Grand Master Pietro del Ponte in 1534-35.

Fiduciary copper coins were introduced due to financial difficulties following the Great Siege of the Turks against the Knights in 1565, with the reverse side featuring clasped hands and the legend 'NON AES SED FIDES', meaning 'Not Money But Trust'.

These copper coins were initially valued at par with Maltese silver coins and Sicilian silver pieces, and were redeemable in 'noble, metal' as promised by Grand Master Jean de La Vallete.

However, excessive minting of these coins by Grand Master Jean-Paul Lascaris Castellar in 1636-1657 led to a rapid devaluation, with local copper losing 107% in exchange for silver by 1764.

The Knights' minting art reached its peak during the office of Grand Master Antonio Manoel de Vilhena, who introduced the 12 Zecchini gold piece, the highest denomination in the Order's coinage.

The Maltese dollar, known as the 'pezza', 'oncia d'argento', or 'uqija', was first issued during the long reign of Grand Master Emmanuel Pinto in 1741-1773.

Malta had a national currency called the Maltese Lira, which was used as legal tender from 1972 until 2007.

The Maltese Lira was abbreviated as Lm and sometimes referred to with the ₤ sign, which can be confusing if you're not familiar with it.

The Maltese Lira was sometimes also referred to as the Maltese Pound, which might lead you to think it's similar to the British Pound, but it's a unique currency.

The Maltese Lira replaced another currency, and it was eventually replaced by the Euro in 2007, marking a significant change for the country's currency.

The Maltese Lira came in various denominations, including 1, 2, 5, 10, and 20 lira banknotes, as well as 1, 2, 5, 10, 25, and 50 lira coins.

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The Maltese Lira was the official currency of Malta from 1972 to 2004, but it's no longer in circulation.

The Euro became the official currency of Malta on January 1, 2008, replacing the Maltese Lira at a fixed rate of 1 EUR = 0.4293 Lm.

Today, you can exchange your old Maltese Lira for euros at a bank or currency exchange office, but it's not a bad idea to do it soon since the older the notes, the less valuable they become.

Malta uses the euro as its official currency, which is the European Union monetary unit. This change occurred on January 1, 2008, when Malta adopted the euro, joining 18 other EU members in the eurozone.

The euro is represented by the currency code EUR and the symbol €. Malta's adoption of the euro was a significant economic shift.

Euro banknotes come in denominations of €5, €10, €20, €50, €100, €200, and €500. While banknotes up to €50 are commonly accepted, you may have trouble using higher denominations in some businesses.

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The Central Bank of Malta is responsible for issuing the euro in Malta and often brings out gold and silver commemorative coins. These commemorative coins range in value from €10 to €50 but are not legal tender in the eurozone.

The Maltese euro coins have a unique feature, with the reverse side featuring three different designs. These designs include a megalithic temple on the three lowest denominations, the George Cross on the €1 and €2 coins, and the Malta Coat of Arms on the rest.

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You can easily use credit cards in Malta, with most major cards widely accepted at touristy destinations.

Visa and Mastercard are the most widely accepted credit cards, but some retailers might refuse American Express due to the high fees they impose.

Most retailers accept Visa and Mastercard, but you might find some places that don't.

Using your credit card overseas can incur fees, including cash advance fees for ATM withdrawals and international transaction fees.

These fees can add up quickly, so it's essential to be aware of them when using your credit card abroad.

The 28 Degrees credit card option is a good choice if you're looking for a card with lower fees and charges.

Malta's coinage has a rich history that spans centuries. The country's first coins were introduced in the third century BC, and they were likely minted locally.

The Maltese currency was initially based on the British coinage system, but it was decimalized in 1971. The British coins in circulation at the time were demonetized, and a new set of Maltese coins was issued.

Malta's first decimal coin set was introduced in May 1972, featuring eight coins in denominations from 2 mils to 50 cents. The mils were made of aluminum, while the 1 cent coin was made of bronze.

The Maltese lira (Lm) was the official currency unit until 2008, when Malta adopted the euro. The Maltese lira was divided into 100 cents, and the 1 cent was further divided into 10 mils.

Today, the euro is the official currency of Malta, and it's represented by the currency code EUR and the symbol €.

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Malta's currency has a rich history that dates back to the 19th century. The Maltese pound was introduced in 1825, replacing the Sicilian pound.

The British occupied Malta from 1800 to 1964, which had a significant impact on the country's economy and currency. During this period, the Maltese pound was pegged to the British pound.

Malta gained independence in 1964, and the Maltese pound continued to be used as the national currency.

Malta adopted the Euro as its official currency in 2007, joining the Eurozone on January 1, 2008. This marked a significant shift in the country's economic landscape.

The Euro's strength is now tied to the economies of all European Union countries, rather than solely relying on Malta's own economy. Malta's economy is still a significant factor in supporting the long-run strength of the Euro.

Malta has a highly developed economy, with a per-capita GDP of around $30,000 USD, ranking high on international indices of wealth, innovation, and quality of life.

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The coinage of Malta has a rich and varied history, shaped by the different cultures that have ruled the island over the centuries.

The first known coins introduced into the Maltese Islands were those of the Carthaginians, who occupied the Islands from approximately the mid-sixth century BC.

These coins remained the standard currency for about two centuries, containing figures of divinities and various symbols. The Punic influence in Malta was slow to disappear and remained evident well into the Roman Period.

The Roman authorities allowed the Maltese Islands a limited measure of self-government and even minted their own coinage, striking coins in bronze, the only metal permitted to be coined.

Roman silver and bronze coins dating to this period were also current in the Maltese Islands, reflecting the double culture prevalent at the time in the Maltese Islands – Punic and Greek.

The early coins struck reflect the Greek influence on the Maltese Islands during the Hellenistic Period, with some coins bearing the Greek legend MELITAIWN, meaning of Malta.

After the Roman conquest of the Islands from the Carthaginians, Malta and Gozo were annexed to the Roman Province of Sicily, whose dominant culture was Greek, leading to an increase in Greek influence in the Maltese Islands.

One coin bears the Greek legend MELITAIWN on the obverse and on the reverse there is the name of the Roman Propraetor C Arruntanus Balbus who governed the Sicilian province from 35 to 27 B.C.

After the first century B.C., there are no records to show that the Maltese Islands continued to mint their own coins, and the coinage of Rome was used throughout the Empire.

The coinage of Malta's rulers, including the Byzantines, the Arabs, the Normans, the Swabians, Angevins, the Aragonese and Castilians, was current in the Maltese Islands after the fall of the Roman Empire.

The British Era, 1800-1964, was a time of significant transformation in India. The British East India Company's expansion into India began in 1757, but it wasn't until 1858 that the British government directly took control of India.

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The Indian Rebellion of 1857, also known as the Sepoy Mutiny, marked a turning point in British rule. The British government responded by passing the Government of India Act of 1858, which established the British Raj.

The British Raj was a period of significant economic growth in India. India's railways expanded from 1,000 miles in 1853 to over 40,000 miles by 1947.

The British also introduced the Indian Railways system, which revolutionized transportation in India. The first Indian Railways train ran from Bombay to Thane in 1853.

The Indian Civil Service, established in 1864, was a key institution during the British Raj. The Indian Civil Service played a crucial role in administering India's provinces and districts.

The British also introduced a new system of education in India, which emphasized English language and literature. The University of Calcutta, established in 1857, was one of the first institutions of higher learning in India.

The British government also introduced a new system of law in India, based on the British common law system. The Indian Penal Code, enacted in 1860, was a key part of this system.

The British Raj came to an end in 1947, when India and Pakistan gained independence.