Are you an EPFL student looking for a semester project?
Work with us on data science and visualisation projects, and deploy your project as an app on top of Graph Search.
Concept
Maltese lira
Summary
The lira (lira Maltija, plural: liri, ISO 4217 code: MTL) or pound (until ca. 1986 in English, code ) was the currency of Malta from 1972 until 31 December 2007. One lira was divided into 100 cents, each of 10 mils. After 1986 the lira was abbreviated as Lm, although the original sign continued to be used unofficially. In English the currency was still frequently called the pound even after its official English language name was changed to lira.
The euro replaced the lira as the official currency of Malta on 1 January 2008 at the irrevocable fixed exchange rate of €1 per Lm 0.4293, or approximately €2.33 per Lm 1.
In 1825, an imperial order-in-council introduced sterling coinage to Malta, replacing a system under which 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, -farthing (-penny) coins were issued for use in Malta until 1913, alongside the regular sterling coinage. Amongst the British colonies which used sterling coinage, Malta was unique in issuing a -farthing coin.
Between 1914 and 1918, wartime emergency paper money issues were made by the government.
Until 1972, the pound was divided into 20 shillings, each of 12 pence with 4 farthings to the penny; from May 1972 it was decimalised into 100 cents, and each cent into 10 mils.
Pre-decimal sterling coinage continued to circulate in Malta for nearly a year after it was withdrawn in the UK due to decimalisation as Malta did not decimalise until 1972. Although the Maltese pound was initially equal to its sterling counterpart, this parity did not survive long after the floating of sterling on 22 June 1972.
Emergency issues between 1914 and 1918 were in denominations of 5 and 10 shillings, £1, £5 and £10. In 1940, notes dated 13 September 1939 in denominations of 2/6, 5/–, 10/– and £1 were issued, followed late in the year by a provisional 1/– note overprinted on old 2/– notes dated 20 November 1918.
Official source
About this result
This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.