2016-09-24 Sat

Malta has officially issued a €5 gold coin featuring the copper four tari “patakka” coin design which can be purchased for €60.

Grand Master Jean de Valette started minting thousands of these copper coins to counter the shortage of gold and silver coinage in 1565 after the Great Siege. When he started work on building the city of Valleta, he paid the weekly wages in copper to the thousands of men who were working for him. The copper four tari coin or “patakka” and the Maltese and Sicilian silver coinage were circulated in equal numbers. After 1636, a lot more copper coins were circulated. They were used until the initial years of British rule and after 25th April 1828, they were withdrawn.

The obverse features the emblem of Malta and the year of issue 2016. The reverse features the traditional “patakka” design issued by Grand Master Jean de Valette and a Maltese Cross.

The mintage limit of this proof 0.999 0.5 grams gold coin is 2,500 pieces.