The Central Bank of Malta has issued limited minted €10 silver and €50 gold proof coins that portray the theme of "Auberge de Castille," and are the first coins for collectors to be denominated in euro.
The reverse or tails side of the coins portrays the porch of the Auberge de Castille, a 1574 landmark building that currently houses the Office of the Prime Minister of Malta.
The reverse also bears the "Europa Star," the official logo of the Europa Programme 2008 for which the coins are issued under, and within the program’s "Cultural Heritage" theme.
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The European Central Bank (ECB) said yesterday that the switch from the Cyprus pound and Maltese liri to the euro is completed.
During the transition period, the euro or legacy currencies could be used in making payments. Feb. 1, 2008 marked the date where the euro became the only allowed legal tender currency for both countries.
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The euro became the official currency for participating countries on Jan. 1, 1999. Next year marks its 10-year anniversary and to celebrate a special commemorative 2-euro coin with a common design will be issued in early 2009 throughout all the euro-area countries.
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The number of counterfeit euro coins increased in 2007 by 29% over 2006. The European Commission reported 211,000 counterfeit coins were pulled from circulation by authorities compared to 163,800 in 2006.
The coin counterfeited the most was the 2-euro, which accounted for over 85% of the total.
Overall, approximately 585,000 counterfeit coins have been take out of circulation since the use of euro coins began back in 2002. Although the numbers would seem to appear alarming, the European Commission points out several positive factors:
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The European Commission (EU) hailed the smooth transition of Cyprus and Malta in joining the eurozone. Both countries began using new coins and banknotes January 1 when they officially adopted the euro. According to an EU release, retailers provided customers change only in euro:
- 92% of the time in Cyprus
- 91% of the time in Malta
On the flip side, the people of both countries still held a fair share of their national currency in their pockets and purses. According to the same EU release, a survey on January 2 indicated:
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Cyprus and Malta will both adopt the Euro on Jan. 1, 2008. When that happens, a total of 15 European Union (EU) countries will share the same currency.
Switching a country and its population over to an entirely new currency is no small task, but everything appears to be going well based on an European Commission release:
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