Maltese lira facts for kids
The Maltese lira was the official money used in the island nation of Malta for many years. It was replaced by the euro on January 1, 2008. Before the lira, Malta used the Maltese pound, which was linked to the British pound. The lira was an important part of Malta's history and economy.
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What Was the Maltese Lira?
The Maltese lira was the currency of Malta from 1972 until 2007. Its symbol was Lm. One Maltese lira was divided into 100 cents, and each cent was further divided into 10 mils. This system made it easy to count smaller amounts of money.
Coins of the Lira
Malta had several different coins for the lira. When it was first introduced in 1972, there were coins for 2, 3, and 5 mils, and 1, 2, 5, 10, and 50 cents. Later, in 1986, a 1 lira coin was also introduced. The coins often featured symbols important to Malta, like its coat of arms or famous landmarks.
Banknotes of the Lira
The Maltese lira also had banknotes, which are paper money. These notes came in different values, such as Lm1, Lm5, Lm10, and Lm20. The designs on the banknotes often showed important figures from Maltese history, famous buildings, or scenes that represented the country's culture and heritage. These designs changed over the years, reflecting different periods in Malta's development.
Why Did Malta Change to the Euro?
Malta decided to join the Eurozone, which is a group of countries in Europe that use the euro as their common currency. This decision was part of Malta becoming a member of the European Union (EU) in 2004. Using the euro makes it easier for countries in the Eurozone to trade with each other and for people to travel and spend money across different countries without needing to exchange currency.
The Transition to the Euro
The change from the Maltese lira to the euro was a big event for Malta. There was a period when both currencies were used side-by-side to help people get used to the new money. This dual circulation period allowed everyone to learn the value of the euro compared to the lira. Banks and shops helped people understand the new prices and exchange rates.
Legacy of the Maltese Lira
Even though the Maltese lira is no longer used, it remains a significant part of Malta's financial history. Many older Maltese people still remember using the lira, and it is sometimes mentioned in stories or cultural references. For collectors, Maltese lira coins and banknotes are interesting items that show the country's past.
Images for kids
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Maltese 2 cent coin, 1976
