Maltese pound

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The pound was the currency of Malta until 1972. It was subdivided into 20 shillings, each of 12 pence with 4 farthings to the penny.

[edit] History

In 1825, British currency was declared the sole legal tender, replacing a situation where various coinages circulated, including that issued in Malta by the Knights of St John. The pound was valued at 12 scudi 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.

Between 1914 and 1918, emergency paper money issues were made by the government. Note production recommenced in 1939. Apart from the ⅓ farthing coins, regular British coins circulated.

[edit] 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 in 1961.