My New Life in Malta

Yesterday was the last euro milestone in Malta before it becomes the official currency on 1 January 2008. This last step consisted of two parts.

First, there are now no longer any exchange rate fees or commissions when exchanging Maltese liri into euros. Although the lira has been fixed to the euro for over two years, until now the exchange between them was still treated as dealing in foreign currency with the bank or bureau de change making a slight profit on each transaction (and the consumer losing that bit every time). But now, no more! With only three weeks to go before the lira makes its graceful exit, every lira is exchanged for exactly €0.4293 (well, rounded to the nearest two decimal points) with no loss. This paves the way for…

… the second part, which is much more exciting. The public can now obtain so-called “mini-kits” that consist of Maltese euro coins of all the denominations! I was one of the first to do so yesterday morning (any regular reader of this blog will not be surprised at my enthusiasm) and I marched down to the nearest bank and handed over some liri. Each kit “costs” Lm5 and has €11.65 in coins. I was so excited that I bought two. One was supposed to be a little euro-present for M, but when he got home it turned out he was so excited as well that he had bought a mini-kit already!! I guess great minds think alike.

We ripped open one of the packets, which contains a warning from the Central Bank of Malta that these coins will only become legal tender on 1 January 2008, and held the Maltese euros in our hands for the first time. It was a bit surreal.

All of the euro coins have the same designs on the front sides in all eurozone countries, no matter where they are issued. The reverse side is different in each country and is meant to attach a bit of national pride to the single European currency.

In Malta ’s case, the smallest coins have a stylised version of the Mnajdra Temples, one of Malta ’s architectural wonders and the oldest free-standing structures in the world. The middle denominations have the coat of arms of the Republic of Malta , just like all of the liri coins currently do, and the one- and two-euro coins have the cross of the Knights of Malta, also known as the Maltese Cross. Since all of the coins say “2008” on them and the packets come with that warning, I felt a bit naughty, almost like I was handling illegal money.

They said on the news that technically these coins cannot be used until 1 January, even if taken to a country that already uses the euro, though I doubt any cashier abroad would be bothered to check.

Incidentally, in the Maltese language the new currency will be called ewro both in the singular and in the plural, while the cents will be called one ċenteżmu and several ċenteżmi.

So, history in the making! And our household now has enough coins to last a while.

For a peek at the new coins, click here.