Knights of The Past Silver

Malta's First Silver Bullion Coin

The Knights of the Past is a three-coin silver bullion series (2021-2023) issued by the Central Bank of Malta and produced by Germania Mint. It marks Malta's first legal tender bullion programme, carrying Euro denominations of 5 Euro (1 oz) and 10 Euro (2 oz). The coins are struck at Germania Mint's facilities in Poland to a purity of 999.9 fine silver, placing them among the highest-purity sovereign-issued silver coins available.

For buyers in the EU, the Euro denomination and Maltese legal tender status may provide VAT advantages depending on the member state's implementation of Directive 2006/112/EC. The series draws its theme from the Knights Hospitaller, the monastic military order that governed Malta from the 16th century, giving each annual release a distinct historical narrative tied to the island's fortifications, sieges, and medieval heritage.

Mintage is limited: 15,000 pieces per year for the 1 oz coin and just 999 for the 2 oz high-relief version. That positions these coins between conventional bullion and semi-numismatic territory. Buyers looking for pure metal accumulation at the lowest premium will find better options in the Silver Britannia or Silver Maple Leaf, but those after a combination of sovereign backing, EU legal tender status, and limited availability may find the Knights of the Past series a more interesting proposition.

Knights of the Past Denominations and Specifications

All coins have a reeded edge. The 1 oz versions are struck to Brilliant Uncirculated standard, and the 2 oz versions are high-relief BU. Each coin ships in a protective capsule inside a custom blister pack with a Certificate of Authenticity from Germania Mint.

The 999.9 (four-nines) purity matches the Canadian Maple Leaf and Austrian Philharmonic, and exceeds the 999 fineness used by many other sovereign bullion coins. No specific anti-counterfeiting features such as micro-engraving or privy marks have been disclosed for this series.

Knights of the Past Tax Treatment by Country

The Knights of the Past coins are official Maltese legal tender denominated in Euros. This legal tender status can affect tax treatment in some jurisdictions, particularly within the EU.

• EU member states: As Euro-denominated legal tender silver coins, they may qualify for VAT exemption under Directive 2006/112/EC (Articles 344-346), depending on how each member state has implemented the directive. EU rules on investment gold are clear; the treatment of legal tender silver coins is less uniform across member states.
• UK: Post-Brexit, silver bullion is subject to 20% VAT regardless of legal tender status. The Euro denomination does not provide any exemption. Pre-owned examples may be available under the margin scheme through some dealers, with VAT charged only on the dealer's profit margin. The coins are not UK legal tender and therefore not CGT-exempt.
• US: No federal sales tax on bullion. State-level exemptions vary; roughly 35 states exempt precious metals from sales tax. Capital gains are taxed at the 28% federal collectibles rate for items held longer than one year.
• Canada: Silver bullion at 999.9 purity qualifies for GST/HST exemption (threshold is 99.9% purity). Standard capital gains rules apply at a 50% inclusion rate.
• Australia: Silver at 999.9 purity exceeds the 99.9% threshold for GST exemption on investment-grade precious metals.

Three Coins, Three Centuries of Knightly History

The series ran from 2021 to 2023, with each year's design drawing from a different chapter of the Knights Hospitaller's centuries-long presence in Malta. The partnership between the Central Bank of Malta and Germania Mint produced Malta's first bullion coin programme, an unusual arrangement that gave a small EU nation a presence in the international bullion market through a private mint based in Poland.

The 2021 inaugural coin depicts Verdala Palace, a Renaissance-era limestone fortress designed by architect Girolamo Cassar and built in 1586 during the reign of Grand Master Hugues Loubenx de Verdalle. The palace served various roles over the centuries; Napoleon's blockade of Malta (1798-1800) saw it used to imprison captured French soldiers. Since 1987 it has been the official summer residence of Malta's President. The obverse carries the Central Bank of Malta coat of arms on a shield held by a Maltese knight.

The 2022 coin shifts to the Great Siege of 1565, one of the most consequential military confrontations in European history. Ottoman forces estimated at 40,000 troops besieged the island from May to September 1565. The outnumbered Knights and Maltese defenders held their positions through four months of bombardment and assault, an outcome that effectively halted Ottoman expansion into the western Mediterranean.

The 2023 coin, the third and final issue, continues the military theme of the Order of Malta and closes out the series. The Knights Hospitaller (full name: Sovereign Military Hospitaller Order of Saint John of Jerusalem, of Rhodes, and of Malta) remain the world's oldest surviving chivalric order, operating today as a sovereign entity with observer status at the United Nations.

Knights of the Past vs Other European Bullion Coins

The most direct comparison is with other private-mint-produced sovereign coins. The Austrian Philharmonic and British Britannia are struck by national mints with mintages in the millions, offering tighter premiums and better secondary market liquidity. The Knights of the Past, at 15,000 per year, trades at higher premiums but carries genuine scarcity that those mass-produced series cannot match.

Within the private mint space, the Knights of the Past competes with coins from Pacific island nations (Niue, Tokelau, Tuvalu) that are also struck by private mints on behalf of sovereign issuers. The Malta series has a clear advantage in credibility: Malta is a mainstream EU member state rather than a distant microstate, and the Euro denomination provides a direct link to the continent's common currency.

Germania Mint's other series, including the Allegories and the Germania rounds, share a similar production quality and collector focus. The difference is legal tender status: the Knights of the Past coins are backed by the Central Bank of Malta, providing a layer of sovereign guarantee that private-mint rounds lack.

On purity, the 999.9 fineness matches the Maple Leaf and Philharmonic, exceeding the 999 standard used by the American Silver Eagle and the Britannia (pre-2013 issues). For buyers who prioritise maximum silver purity in a sovereign coin with limited production numbers, the Knights of the Past fills a niche that the large mainstream series do not attempt to occupy.