THE 1984 MALTESE ZEKKINI BANKNOTE MYSTERY

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V17 2014 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 17, Number 23, June 1, 2014, Article 26

This article from The Independent of Malta discusses a banknote of that country recently sold by XX. -Editor

Eyebrows were raised recently, and questions were asked, recently over whether Malta had been considering changing its currency from Maltese liri to Maltese zekkini, after two 1984 Maltese zekkini banknotes (a Z2 and a Z10) went under the hammer in London last month at Spink & Son’s auction house.

The auction house issued a catalogue to promote its auction of banknotes which included designs for a 10 Maltese zekkini and a two Maltese zekkini banknote.

The seller was de la Rue, one of the world’s largest, if not the largest, printers of banknotes. The Z10 note had an estimated price of between £800 and £1,000 and the Z2 note was estimated at between £700 and £900.

But had former Prime Minister Dom Mintoff actually contemplated changing the Maltese currency to zekkini? The answer, according to the Central Bank of Malta, is a definite “No”.

According to the Central Bank, the zekkini notes and most of the other CBM note illustrations in the Spink catalogue are simply token notes with fanciful designs that were created by private individuals or entities, none of which had any association with the Central Bank of Malta.

Speaking to this newspaper about the monetary curiosity, Central Bank Governor Josef Bonnici explained that the only change that had occurred in the 1980s with regard to the denomination was that the word ‘pound’ had been dropped from the Fourth Series of the CBM notes launched in 1986, in contrast to the Second and Third Series notes which included both ‘lira’ (on the front) and ‘pound’ (on the back).

The zekkino concept was derived from the Venetian zecchino, which was also a Maltese gold coin that had been in circulation in Malta in the 18th century.

The uncirculated bogus currency notes put up for auction also included a portrait of then President of the Republic Agatha Barbara that had never made it to any Maltese banknote.

The catalogue states that the Central Bank of Malta note, with serial number A/1000000, bears a signature at the lower centre, is green on multi-coloured under print, includes a portrait of President Barbara on the right, a sailing ship and map at the upper centre, a dove at the upper left, a reverse ship in harbour and a gondola, a shipbuilding worker and crane, and a ship in dry dock. The value of currency is ‘Z10’.

When contacted, Karmenu Mifsud Bonnici, who was appointed Prime Minister in 1984, said he knew nothing about the currency. Former Labour Finance Minister Lino Spiteri suggested to this newspaper that it may have been more of a case of someone toying with the design of Malta’s currency, in line with Prof Bonnici’s explanation. Former Central Bank governor Henry Degabriele had no clue about the banknote, either.

So why would de la Rue be in possession of a note "created by private individuals or entities, none of which had any association with the Central Bank of Malta"? That makes no sense. And while it's possible someone at de la Rue made the notes on a whim, that's not very likely either. So it's still a mystery to me, at least. -Editor