Malta euro coins to be minted in France

Technical preparations for the minting of about 200 million Maltese euro coins have started at the French state-owned mint Monnaie de Paris, which has won an international call for tenders for the job.

This follows the approval of the final designs of the Maltese coins by the European Commission.

Michael C. Bonello, Governor of the Central Bank which issued the call for tenders, said the process to evaluate the technical and financial aspects of the tenders had been a long one.

He said Central Bank officials had shortlisted 18 European mints eligible to undertake the job. The adjudicating committee chose the bid submitted by the Monnaie de Paris as the most advantageous.

Unlike many of the EU member states, Malta has no national mint and so has to mint its coins abroad. A number of other EU countries, including Luxembourg, the smallest member state after Malta, are in the same position. The Monnaie De Paris, situated in a new complex in Bordeaux, is one of the oldest and most renowned mints in Europe. It has been minting French coins since 1879 and is also responsible for the minting of the French euro coins.

The Maltese euro coins will have three different national sides, namely the emblem of Malta, the eight-pointed Maltese Cross and an image of the altar at the prehistoric temple of Mnajdra. The final designs had to be slightly retouched by the artist, Noel Galea Bason, following suggestions by the EU Commission to bring them in line with the established guidelines.

Under the contract with the Monnaie de Paris, which will be signed shortly, the Central Bank is to receive 196 million coins in eight denominations - 1c, 2c, 5c, 10c, 20c, 50c, €1 and €2. The value of the coins is expected to be of about €56 million, equivalent to Lm24 million.

Mr Bonello said minting cannot start before the final decision is taken by the EU Council on whether Malta will be joining the eurozone.

"It is clear that no coins will be minted before we are sure Malta will be adopting the euro as from January 1, 2008. The go ahead to the mint will only be given after the final decision is taken by the Ecofin Council, possibly at its July 2007 meeting."

If Malta is given the green light, the Maltese euro coins will make their first appearance in December 2007 with the availability of starter packs for both consumers and commercial entities.