Finance:Maltese scudo
 Two Scudi silver coin of Ramon Despuig, 1738 | |
| ISO 4217 | |
| Code | none |
| Unit | |
| Plural | scudi |
| Denominations | |
| Subunit | |
| 1⁄12 | tarì |
| 1⁄240 | grano |
| 1⁄1440 | picciolo |
| Plural | |
| tarì | tarì |
| grano | grani |
| picciolo | piccioli |
| Coins | 15 piccioli 1, 5, 10 grani 1, 2, 4, 6, 8, 9, 12, 15, 16, 30 tarì 1, 2, 5, 10, 20 scudi |
| Demographics | |
| User(s) | Template:Country data SMOM Sovereign Military Order of Malta Previously: Template:Country data SMOM Hospitaller Rhodes (1318–1522) Template:Country data SMOM Hospitaller Malta (1530–1798) Template:Country data French Republic French Malta (1798–1800) Template:Country data Two Sicilies Independent Gozo (1798–1801)  Malta Protectorate (1800–1813) Crown Colony of Malta (1813–1825/1886) |
| Valuation | |
| Pegged with | euro €0.24 = 1 scudo |
The scudo (plural scudi) is the official currency[1] of the Sovereign Military Order of Malta and was the currency of Malta during the rule of the Order over Malta, which ended in 1798. It is subdivided into 12 tarì (singular tarì), each of 20 grani (singular grano) with 6 piccioli (singular picciolo) to the grano. It is pegged to the euro (at a rate of 1 scudo to €0.24, or €1 = 4 scudi 2 tarì).[2]
History
The scudo was first minted in Rhodes in 1318. By 1500, the coins had the distinctive characteristics of a cross and the Order's and Grandmaster's coat of arms on one side, and the head of St. John the Baptist on the other. The scudo was first minted in Malta during the reign of Piero de Ponte. The quality of the coins improved, especially during the reign of António Manoel de Vilhena in the early 18th century. At some points in time, foreign coinage was allowed to circulate in Malta alongside the scudo, including Spanish dollars, Venetian lira, Louis d'or and other currencies.[3]
During the French occupation of Malta in 1798, the French authorities melted down some of the silver from the island's churches and struck it into 15 and 30 tarì coins from the 1798 dies of Grandmaster Hompesch. After the Maltese rebellion, gold and silver ingots were stamped with a face value in grani, tarì and scudi and they briefly circulated as coinage in Valletta and the surrounding area.[4]
The daily wage of the farm labourer around the beginning of the 1800s was 6¾ pence.[5] At the time, the British pound sterling was subdivided into 20 shillings, each of 12 (old) pence, making it a total of 240 pence (see Sterling prior to decimalisation), which was also equivalent to 12 scudi [6], meaning that one scudo was equivalent to 20 pence. Hence, a farm labourer would need to work roughly three days to earn a scudo.
The scudo continued to circulate on the island of Malta, which had become a British colony, along with some other currencies until they were all replaced by sterling[7] in 1825, at a rate of £1 to 12 scudi (or 1 scudo = 1s. 8d.) using British coinage. Despite this, some scudi remained in use, and the last coins were withdrawn from circulation and demonetized in November 1886.[8] 1 scudo in 1886 had the spending power equivalent to £3.82 or €4.35 in 2011.[9] The present-day Republic of Malta adopted the decimal Maltese pound in 1972 and the euro in 2008.
Coins
Coins were issued in denominations of 1, 2 1⁄2, 5 and 10 grani, 1, 2, 4, and 6 tarì, 1, 1 1⁄4, 1 1⁄3, 2, 2 1⁄2, 5, 10 and 20 scudi. The 1, 2 1⁄2, 5 and 10 grani as well as the 1 tarì were minted in copper, with the 2 1⁄2 grani denominated as 15 piccoli. The 2, 4 and 6 tarì, 1, 1 1⁄4, 1 1⁄3, 2 and 2 1⁄2 scudi were silver coins, with the 1 1⁄4, 1 1⁄3 and 2 1⁄2 scudi denominated as 15, 16 and 30 tarì. The 5, 10, and 20 scudi coins were gold.
Coins minted today include bronze 10 grani, silver 9 tarì, 1 and 2 scudi and gold 5 and 10 scudi.[10][11]
In 2011, a gold coin of António Manoel de Vilhena, minted in 1725, sold for US$340,000.[12]
Legacy
In the Maltese language, several proverbs mention the Maltese scudo. These include:[13]
| Maltese Proverb | Literal English Translation | Meaning |
|---|---|---|
| Ħabib fis-suq aħjar minn mitt skud fis-senduq | A friend in the market is better than a hundred scudi in the chest | A friend is worth more than anything |
| Aħjar skud fil-but minn mija fis-senduq. | It's better to have a scudo in the pocket than a hundred in the chest | It's better to be sure of something than unsure of many things |
| Aħjar disa’ rbajja’ u rieqed minn skud u mqajjem | It's better to have nine quarters and be asleep than a scudo and be awake | The lazy will prefer to work less for less money |
References
- ↑ "Numismatica | Ordine di Malta Italia". https://www.ordinedimaltaitalia.org/article/numismatica.
- ↑ "A Little History". Catalogue. Order of Malta. http://www.orderofmalta.int/catalogue/38626/a-little-history/?lang=en.
- ↑ "Coinage of the Knights in Malta". http://www.centralbankmalta.org/site/currency1b.html.
- ↑ "French Rule, 1798-1800". http://centralbankmalta.org/site/currency1d.html.
- ↑ Clare, Arthur G. (1981). "Features of an island economy : Malta 1800-1914" (in en). Hyphen 2 (6): 241. https://www.um.edu.mt/library/oar/handle/123456789/20450.
- ↑ MALLIA‐MILANES, V (1988). The British Colonial Experience 1800‐1964: The Impact on Maltese Society. Mireva Publications. pp. 135.
- ↑ "200-year-old History in an old musty archive". http://www.independent.com.mt/articles/2012-03-11/news/200-year-old-history-in-an-old-musty-archive-307055/.
- ↑ "British Era, 1800-1964". http://centralbankmalta.org/site/currency1e.html.
- ↑ Buttigieg, Emanuel (2011). Nobility, Faith and Masculinity: The Hospitaller Knights of Malta, c.1580-c.1700. A&C Black. p. xi. ISBN 9781441102430. https://books.google.com/books?id=DVqd_gb2tmMC&pg=PR11.
- ↑ "Coins". Order of Malta. https://www.orderofmalta.int/coins/.
- ↑ "Numismatics - Poste Magistrali". Order of Malta. https://postemagistrali.orderofmalta.int/en/numismatics/.
- ↑ "Gold Maltese piece from a golden era of coin design sells for $340,000". paulfrasercollectibles.com. 7 April 2011. http://www.paulfrasercollectibles.com/section.asp?catid=76&docid=6542.
- ↑ "Qwiel Maltin | qawl.mt | skud" (in en-GB). https://qawl.mt/?s=skud.
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