15/09/2016

Issue of gold coin representing the Maltese “patakka”

On 16 September 2016 the Central Bank of Malta will issue a numismatic coin in gold representing the copper four tari "patakka". This coin has a face value of €5 and will be sold at €60 (including VAT).

In 1566, Grand Master Jean de Valette embarked on the building of the fortress city of Valletta. As the Great Siege of 1565 had drained the Order's treasury, the Grand Master resorted to the minting of thousands of fiduciary copper coins to make up for the shortage of gold and silver coinage. The thousands of men working on the building of Valletta were given their weekly wages in copper. The copper four tari coin, which was known by the Maltese as "patakka", circulated at par with Maltese and Sicilian silver coinage. This parity became unbalanced after 1636 as a result of the minting of an excessive amount of copper coinage. The "patakka" and the other copper coinage of the Order remained in use in Malta during the early years of British rule. It ceased being legal tender on 25 April 1828.

The Bank's gold numismatic coin was designed and engraved by Noel Galea Bason and is of proof quality. The obverse shows the emblem of Malta and the year of issue 2016. The reverse features a representation of a "patakka" issued by Grand Master Jean de Valette and depicts a Maltese Cross.

The coin will be struck at the Royal Dutch Mint in 0.999 gold, has a weight of 0.5 grams and a diameter of 11 mm. The mintage is limited to 2,500 coins.

The coin may be purchased directly from the Malta Coins Distribution Centre's online e-shop facility. Alternatively, one may visit the Malta Coins Distribution Centre counter at the main building of the Central Bank of Malta, Castille Place Valletta.

For more information the public is kindly requested to contact the Bank's Malta Coins Distribution Centre by email or by calling (+356) 2550 6006/7.

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