1 oz Knights of The Past Silver Coin

Malta's First Legal Tender Bullion Coin

The 1 oz Knights of The Past is a 999.9 fine silver coin issued by the Central Bank of Malta and produced by Germania Mint. Running from 2021 to 2023 as a three-coin series, it represents Malta's inaugural commemorative bullion coin programme and the first legal tender bullion issued by the country. Each coin carries a face value of 5 Euro, making it official Maltese Euro-denominated legal tender.

The four-nines purity places these coins alongside the 1 oz Canadian Maple Leaf and Austrian Philharmonic in the highest purity tier for sovereign-issued silver coins. Many widely traded silver bullion coins use .999 (three-nines) purity, so the Knights of The Past offers a measurable compositional advantage. At 15,000 mintage per year for the 1 oz version, production sits well below mainstream bullion levels (the Canadian Maple Leaf and Britannia produce millions annually), positioning these coins between standard bullion and semi-numismatic territory.

The historical theme draws from the Knights Hospitaller (formally the Sovereign Military Hospitaller Order of Saint John of Jerusalem, of Rhodes, and of Malta), who ruled Malta as a monastic state from the 16th century. This is the world's oldest surviving chivalric order, still operating today with observer status at the United Nations. Each of the three annual releases depicts a different aspect of the Knights' Maltese history, from Verdala Palace (2021) to the Great Siege of 1565 (2022) to a final Knights of Malta theme (2023).

Knights of The Past Denominations and Specifications

Edge: Reeded. Condition: Brilliant Uncirculated (1 oz), High Relief BU (2 oz). Each coin ships in a protective capsule inside a custom blister pack with a Certificate of Authenticity from Germania Mint. The obverse features the Central Bank of Malta coat of arms on a shield held by a Maltese knight.

Design Themes by Year

• 2021 (Verdala Palace): Renaissance-era limestone fortress designed by architect Girolamo Cassar, built in 1586. Now the official summer residence of Malta's President. The palace was also used as a prison for captured French soldiers during Napoleon's blockade of Malta (1798-1800).
• 2022 (The Great Siege of 1565): Depicts the Knights in battle against Ottoman invaders during the most significant military confrontation in Maltese history. The outnumbered Knights and Maltese defenders held off an estimated 40,000 Ottoman troops from May to September 1565.
• 2023 (Knights of Malta): Third and final issue in the series, continuing the military theme of the Order of Malta.

Tax Position for Maltese Euro Legal Tender Silver

The Knights of The Past coins carry Euro face values (5 Euro and 10 Euro) as official legal tender of the Republic of Malta. This denomination has potential tax implications that distinguish them from generic silver rounds or bars.

European Union

As Euro-denominated legal tender silver coins, these may qualify for VAT exemption in certain EU member states under Directive 2006/112/EC Articles 344-346. The application depends on each member state's implementation of the directive. In practice, some EU countries exempt legal tender silver coins from VAT while others apply the full local rate. Germany's margin scheme (Differenzbesteuerung) may apply through certain dealers, reducing effective VAT to the dealer's margin. Standard EU VAT rates on silver range from 17% (Luxembourg) to 27% (Hungary).

United Kingdom

Post-Brexit, UK tax treatment does not recognise Euro legal tender status for VAT purposes. Silver coins are subject to 20% VAT regardless of their legal tender status in another country. The coins are not UK legal tender, so no CGT exemption applies. Gains above the annual allowance are taxable.

United States

Standard precious metals rules apply. State sales tax varies by jurisdiction. The .9999 purity exceeds the IRS requirement of 99.9% for silver held in precious metals IRAs, potentially making these eligible for IRA inclusion (subject to custodian acceptance of Maltese legal tender coins). Capital gains are taxed at the 28% collectibles rate for holdings over one year.

Canada

Silver coins of .999 or higher purity that are or were legal tender qualify for GST/HST exemption. At .9999, these coins meet the purity requirement and carry legal tender status.

Australia and New Zealand

Investment-grade silver at 99.9%+ purity is GST-free in Australia and New Zealand. The 999.9 fineness qualifies in both jurisdictions.

From the Knights Hospitaller to Modern Maltese Bullion

The Knights of The Past series commemorates a period unique in European history: the rule of a military-religious order over a sovereign island nation. The Knights Hospitaller arrived in Malta in 1530, granted the islands by Emperor Charles V after their expulsion from Rhodes by the Ottoman Empire. For the next 268 years, they transformed Malta from a sparsely populated island into one of the most heavily fortified places in the Mediterranean.

The 2022 coin's subject, the Great Siege of 1565, represents the defining moment in this history. Sultan Suleiman the Magnificent dispatched approximately 40,000 troops to capture Malta and open the western Mediterranean to Ottoman naval dominance. The Knights, numbering perhaps 500 plus 6,000 Maltese irregulars, held their fortifications through four months of bombardment and assault. The siege's failure preserved Christian control of the central Mediterranean and prompted the construction of Valletta, Malta's current capital, named after the order's Grand Master Jean de Valette who led the defence.

The 2021 coin features Verdala Palace, built in 1586 during the order's golden age when Malta prospered from trade and the Knights' naval activities against Barbary corsairs. Designed by Girolamo Cassar (who also designed St John's Co-Cathedral), the palace reflects the order's transition from purely military function to the administration of a wealthy microstate.

Germania Mint's partnership with the Central Bank of Malta represents a notable development in modern bullion issuance. Malta had never previously issued bullion coins, making the 2021 release a genuine first. The choice of Germania Mint (a German-owned private mint operating from Poland) follows a pattern seen across Europe where smaller nations partner with specialised private mints for bullion production rather than establishing dedicated sovereign mint capacity.

Knights of The Past vs Other Private-Mint Sovereign Coins

The Knights of The Past competes in a growing segment: legal tender bullion coins issued by smaller sovereign nations and produced by private mints. The key comparisons illuminate where this coin sits in terms of purity, mintage, premium, and secondary market demand.

Against mainstream sovereign bullion, the 1 oz Silver Britannia and 1 oz Canadian Maple Leaf both match the .9999 purity but are produced in far higher volumes (millions per year vs 15,000). This volume difference means tighter buy-sell spreads and broader dealer acceptance for the mainstream coins. The Knights of The Past cannot match their liquidity, but also cannot match their ubiquity, which some collectors value positively.

Germania Mint's own catalogue provides the nearest comparison: their Germania series, Allegories, and other sovereign-partnered issues share similar mintage levels, premium positioning, and distribution channels. Buyers comfortable with one Germania Mint product will find the quality and presentation consistent across the range. The Malta legal tender status and Euro denomination distinguish the Knights of The Past from Germania Mint's non-sovereign products.

Other private-mint-produced sovereign coins include Niue issues (struck by various private mints), Tokelau coins (often from Scottsdale Mint or BH Mayer), and various Pacific island issues. The Malta series has the advantage of an EU member state backing with a Euro denomination, giving it stronger institutional recognition than coins from Pacific micro-territories. For European buyers in particular, the Maltese origin and Euro face value may carry greater significance than a $2 NZD denomination from Tokelau.

The 2 oz high relief versions (999 pieces per year) sit firmly in the collector/numismatic category and should not be compared to standard bullion. Their value derives primarily from scarcity and finish quality rather than silver content.