The liri or lira was an official currency of Malta from 1972 to 31st December 2007. Lira was subdivided into 100 cents and 1000 mil. Its currency code was MTL and symbol ₤ and Lm. On 1st January 2008, the euro replaced the Malta Liri at rate €1 per 0.4293 lira. Between the wartime of 1914 to 1918, emergency paper money were made by the government. The emergency banknotes of 5, 10 shillings and 1, 5, and 10 pounds were introduced. The issuance of notes continued after the 2nd World War. The banknotes of 10 shillings, 1 and 5 pound were restored in between 1961 to 1963.
Under the Central Bank Act of 1967, the Central Bank of Malta was established that started operation on 17th April 1968. The name of banknote issuing authority changed from Government of Malta to Central Bank of Malta. In 1973, instead of using pound and shilling, the name lira was used on banknotes issued in 1973. On 1st January 2008, Malta agreed to replace Malta liri with the euro, on entry into European Union as part of Economic and Monetary Union of the European Union.
The Malta liri banknotes and coins at the time of introduction of euro were:
Banknotes 2, 5, 10, 20 liri
Frequently used coins 25, 50 cents, 1 lira
Rarely used coins 1, 2, 5, 10 cents