Knights of Malta Silver

Central Bank-Backed Silver from Germania Mint

The Knights of Malta series, officially titled "Knights of the Past," is a three-year silver coin series produced by Germania Mint in cooperation with the Central Bank of Malta. The coins are legal tender of Malta, an EU member state, denominated in euros: 5 euros for the 1 oz coin and 10 euros for the 2 oz coin. The series ran from 2021 to 2023, with the third-year issue being the final release. All coins are no longer in production and are available only on the secondary market.

The coins are struck in .9999 (four nines) fine silver, a purity that is unusual for silver bullion. Most silver coins and bars are produced at .999 (three nines). Only a few series regularly use four-nines silver, notably the Canadian Maple Leaf and some Perth Mint issues. The extra nine of purity is a technical differentiator that also affects tax eligibility in jurisdictions where the threshold falls between .999 and .9999.

Germania Mint is a German-owned private mint with production facilities in Poland. They have built a dedicated collector following through series including Germania, Allegories, and these Knights of Malta coins. The Central Bank of Malta's cooperation is significant because it provides official government backing that purely private mint products cannot claim. This is one of very few modern bullion series issued with direct central bank cooperation from an EU member state.

The series celebrates the Order of Malta (Knights Hospitaller), founded around 1099 during the Crusades as a hospital order. The Order is one of the oldest surviving orders of chivalry and still exists today as the Sovereign Military Order of Malta, holding permanent observer status at the United Nations. Malta's connection to the Knights is central to the island's identity, and the coin series draws on specific historical events including the Great Siege of Malta in 1565.

Knights of Malta Denomination Details

The 15,000-piece annual mintage for the 1 oz coin is low compared to major bullion coins like the Britannia or Maple Leaf (which have unlimited mintages), but typical for niche European series. The 999-piece 2 oz variant, individually numbered, sits firmly in the collector space rather than the bullion market. Each coin comes with a Certificate of Authenticity. The Central Bank of Malta coat of arms on each coin serves as the official authentication mark.

Malta Euro Legal Tender Tax Implications

The Knights of Malta coins are legal tender of an EU member state, denominated in euros. This creates tax implications that differ from private mint rounds or non-EU legal tender coins.

In the European Union, silver coins that are legal tender of an EU member state may qualify for reduced VAT treatment under the margin scheme in some jurisdictions. The specific treatment varies by country: Germany allows the margin scheme (Differenzbesteuerung) for silver coins imported at lower duty, and the Netherlands has similar provisions. However, the EU does not provide a blanket VAT exemption for silver as it does for investment gold. Standard VAT rates on silver range from 17% (Luxembourg) to 27% (Hungary).

In the United Kingdom (post-Brexit), these coins are not UK legal tender. Standard 20% VAT applies to silver. No CGT exemption is available (only UK legal tender coins qualify). UK dealers may apply the margin scheme when buying and reselling used coins, reducing the effective VAT burden for secondary market purchases.

In the United States, the .9999 purity exceeds the .999 minimum for precious metals IRA eligibility. As legal tender coins from a sovereign mint (backed by the Central Bank of Malta), they have strong grounds for IRA custodian acceptance. Sales tax varies by state. Capital gains on silver are taxed at the collectibles rate of up to 28%.

In Canada, silver at 99.9% purity is GST/HST exempt. In Australia and New Zealand, silver at 99.9% qualifies for GST exemption. Singapore exempts qualifying legal tender silver coins at 99.9% from GST, and the euro denomination supports this classification. Hong Kong has no sales tax.

The Great Siege and the Knights Hospitaller

The Great Siege of Malta in 1565, depicted on the 2022 coin, is one of the most celebrated military engagements in European history. A garrison of roughly 6,000 Knights and Maltese defenders held off an Ottoman invasion force exceeding 40,000 troops for nearly four months. The siege's failure marked a turning point in Ottoman expansion in the western Mediterranean and cemented the Knights of Malta's reputation as a formidable military order.

The Order of Malta, formally the Knights Hospitaller, was founded around 1099 during the First Crusade. Originally established as a hospital order to care for sick pilgrims in Jerusalem, it evolved into a military order and eventually settled on Malta in 1530 after being expelled from Rhodes by the Ottomans. The Order ruled Malta as a sovereign state until Napoleon's invasion in 1798.

The 2021 first-year coin depicted a knight in armour reflecting the Order's military traditions, with the 2 oz variant showing Knights in battle array before the Verdala Palace. The Verdala Palace, built in 1586 as a summer residence for Grand Master Hughes de Loubenx Verdalle, is now the official summer residence of the President of Malta. The 2022 design showed a highly detailed battle scene from the Great Siege, with a Knight of Malta in combat with an Ottoman invader, ships and coastal fortifications visible in the background.

The series concluded with the 2023 issue, making it a complete three-year set. The Order of Malta continues to exist today as the Sovereign Military Order of Malta, a subject of international law that maintains diplomatic relations with over 100 countries and holds permanent observer status at the United Nations. It remains one of the oldest institutions in Western civilisation.

Knights of Malta vs European Sovereign Silver Coins

The most direct competitors are other European sovereign-backed silver bullion coins. The 1 oz Silver Philharmonic from the Austrian Mint is .999 fine with unlimited mintage and consistently among the lowest-premium sovereign silver coins available. The 1 oz Silver Britannia at .999 offers CGT exemption in the UK. Both are produced in far higher volumes and have much stronger secondary market liquidity.

The Knights of Malta's differentiators are the .9999 purity (matching the 1 oz Silver Maple Leaf) and the 15,000-piece annual mintage. The limited mintage and three-year series structure push the coins toward collector territory, where complete sets may command premiums above individual-coin pricing. The 999-piece 2 oz variant is a numismatic product, not a bullion product, and its value will be driven by collector demand rather than silver spot price.

Germania Mint's other series (Germania, Allegories) have developed a dedicated following that benefits distribution of the Knights series. The Central Bank of Malta backing distinguishes these from Germania Mint's purely private issues. For buyers who value the historical theme, limited mintage, and four-nines purity, the Knights of Malta offers something that the major sovereign mints' unlimited-mintage programs cannot. For buyers optimising cost per ounce of silver, the Philharmonic, Britannia, or Maple Leaf remain better choices.