1 shilling 1940

Common. While this is a colonial-era note with historical significance, it was part of a regular issue with substantial circulation in Malta. The eBay price history shows consistent trading in the $15–$45 range for VF and F grades, with even AU examples not commanding premium prices (the $747.95 PMG 67 sale in 2020 represents an outlier professionally graded specimen). The 2016 catalog values ($6 VG, $20 VF, $85 UNC) further support common classification. Print runs for these Government of Malta sterling notes were adequate to meet circulation needs, and survival rates remain reasonable.

This note was issued by the Government of Malta during the British colonial period, when Malta maintained sterling-based currency under British administration. The portrait of King George V and the Maltese cross symbolize both the British sovereignty and Maltese national identity of the era. The 1940 date places this note during World War II, when Malta served as a critical British military base in the Mediterranean theater.

The obverse features an engraved oval portrait of King George V in profile facing right, rendered in fine line work within an elaborate ornamental circular frame featuring scrollwork and classical decorative elements. The entire note is bordered by an intricate pattern of geometric and floral motifs in blue and green. The reverse displays a prominent eight-pointed Maltese cross in white at center, surrounded by ornate decorative frames with rosette patterns on either side. The design reflects the refined engraving standards of Thomas de la Rue and the colonial era aesthetic. Red overprinting on both sides indicates this was a redenomination—the original 2 Shilling note was overprinted to reduce its face value to 1 Shilling during the 1940 currency adjustment.

FRONT: 'THE GOVERNMENT OF MALTA' (appears in standard print and red overprint); 'TWO SHILLINGS' (original denomination); 'ONE SHILLING' (overprinted denomination, shown in red); Serial number 'A/T 83191' (appears left and right); 'The Government of Malta hereby declares this Note to be Legal Tender of payments not exceeding 2/-' (legal tender declaration); '20th November 1918' (original issue date); 'COMMISSIONERS OF CURRENCY' (issuing authority); 'THOS DE LA RUE & Co'S LONDON' (printer's mark). BACK: '2/-' (in red, top corners); '1/-' (in red, top center); 'TWO SHILLINGS' and 'ONE SHILLING' (denomination text with overprinting).

Steel plate engraving with intaglio printing by Thomas de la Rue & Co., London, the renowned British security printer. The fine line work visible in the portrait, ornamental borders, and decorative elements are characteristic of high-quality engraved banknote production. The red overprinting was applied as a secondary operation, likely through lithography or relief printing.

This is Pick P-15, cataloged as '1/- Shilling on 2/- Shillings'—a redenomination overprint variety. The note is a 1940 overprint applied to the earlier P-9 (Two Shillings) design, with the denomination reduction marked by red overprinting of '1/-' and 'ONE SHILLING' over the original '2/-' and 'TWO SHILLINGS' text. Serial number A/T 83191 is observed. PMG records indicate this specific overprint variety as the cataloged variant for this Pick number. No additional varieties (signature or date variations) are evident from the visual analysis.