One World - Protecting the most significant buildings, monuments and features of Valletta (106)

The Monte di Pietà in Merchants Street was founded in 1598 as a charitable institution which lent money to the needy at very moderate interests.

The building was later also used by the Monte di Redenzione, founded in 1605, and which collected funds for the redemption of Christian slaves.

The Monte di Pietà had its origins in the late 16th century when Fra Manuel de Couros, commander of the priory of Portugal, petitioned Grand Master Garzes to donate the sum of 2,000 scudi for the purpose of establishing a fund in order to "suppress the infamous usury daily practised by slaves and Jews who charged a tari per month for every scudo lent on pledges," this rate of interest being equal in a year to the capital loaned. The building was also used by the University for some years.

The façade of this three-storey palace dates to the mid-17th century and is in the Baroque style. The main arched entrance is framed by a moulded cornice and is crowned by a bold segmental pediment and is symmetrically flanked by two side entrances.

On first floor level, two window apertures with simply decorated stone borders are situated at the extremities of the façade.

On the second floor there are three window apertures.

The central one is aligned with the main entrance at ground floor, and is crowned by a bold segmental pediment.

The two apertures at the extremities of the façade are crowned by omega-shaped mouldings which incorporate a scallop shell.

These suggest that the façade was the work of the Order's resident military engineer, Francesco Buonamici.

The Monte di Pietà buildings is currently part of the Inland Revenue Department.

Mepa scheduled the Monte di Pietà and Redenzione as a Grade 1 national monument as per Government Notice No. 276/08 in the Government Gazette dated 28 March 2008.