With the simultaneous push of two buttons - one by Finance Ministry Parliamentary Secretary Tonio Fenech and another by Monnaie De Paris President Christophe Beaux – the mass production of Malta’s euro coins began yesterday.

Some 200 million Maltese euro coins will be shipped in 45 containers to Malta come September - weighing some 1,000 metric tons and representing close to Lm45 million in coinage.

Malta’s EUR2 coins, 10 million of which are to be produced initially, were the first to begin flowing off the production line yesterday afternoon at the Monnaie De Paris facility outside Bordeaux

As they clinked into a metal receptacle, Mr Fenech, in a time-honoured tradition, bit a random coin to ascertain the metal’s quality, while the coins’ designer Noel Galea Bason inspected the detailing. Both gave the Monnaie De Paris their nods of approval.

Mr Fenech described the yesterday’s symbolic start of mass production as the “most historic and important moment for Maltese currency”.

“Today we have the Maltese euro,” a beaming Mr Fenech remarked yesterday, “and 1 January will mark another important process, when the coins will be in the hands of each and every one of us.

“Today’s event marks an important step for Malta’s full integration in Europe’s economic and monetary union and I augur that when the Maltese people receive the coins that they appreciate their significance.

“What we have witnessed today has made us all proud, and now we can truly say we are now in the final stage of entering the economic and monetary union – a goal we had aimed to achieve sooner rather than later.

“We are happy to be part of the great economic and monetary revolution that is the euro, which is now the world’s second currency, while many economists predict it will soon become the currency of choice.”

Malta’s different coinage, pristine and sparkling under the mint’s lights, reflect the Maltese public’s choice of the Maltese cross, the Mnajdra Temple entrance and Malta’s coat of arms.

“Malta is grateful to its outgoing currency, the lira, which, over the last 30 years, has greatly assisted the Maltese economy,” Mr Fenech adds. “Today we now move into a new phase in which Malta will sit at the higher table at the European Central Bank, as well as now forming part of the Eurogroup.”

Mr Beaux, meanwhile, commended Malta on its “wise and prudent order”. Malta’s 200 million euro coins amounts to some 490 coins per capita, while the EU average stands at some 220 coins per capita. Malta’s order, however, also takes into consideration requirements for 2009 and other contingencies.

The EUR1 and EUR2 coins sporting a crisp Maltese cross, Mr Beaux predicted, will be something of a rarity and as such could be expected to accrue collector value.

He added that the relatively short, six-month time span between the 10 July EU economy and finance ministers’ final approval for Malta’s euro adoption and the date on which they are to enter into circulation presented something of an industrial challenge, but the mint was nevertheless “happy to do it”. The Pessac installation of the Monnaie De Paris, where Malta’s euro coins are being minted, produces10 million coins per day at a rate of 800 per minute and a total of 1.7 billion per year.

Also on hand for yesterday’s ceremony, Central Bank of Malta (CBM) Governor Michael C. Bonello commented that behind the scenes a lot of preparatory work has been underway.

As far as the production of coins is concerned, the CBM had issued a call for applications in May 2006. A large number of responses had been narrowed down to seven proposals that were examined in finite detail, with the Monnaie De Paris coming out on top and signing a production contract in January.

Maltese lira coins will be exchangeable up to the end of March in Malta’s commercial banks, and for two full years after E-Day at the Central Bank of Malta. Malta’s legacy coinage is to be sold, which should cover part of the EUR6 million contract for the production and delivery of Malta’s euro coins.

Euro bank notes, of which some 80 million will be shipped to Malta representing a value of roughly EUR1 billion, are a different matter and bear no national marks of identity.

While the latest surveys show a positive 60-65 percent approval rating among Maltese for euro adoption, Malta is now entering the delicate changeover phase, Mr Fenech added.

The final stretch will see the government, authorities and the National Euro Changeover Committee continue addressing what could be deemed the sole remaining preoccupation – that of rising prices.

Mr Fenech cited the fact that the FAIR retailing initiative is working well, while the authorities are also moving closer toward price stability agreements with importers so as to curtail any possible abuse.

Starter packs for Maltese retailers and the public were also being packaged yesterday. Retailer packs are to contain coins in different denominations in colour coded rolls worth a total of EUR133 (Lm56) and will be available on 1 December. Public starter kits containing EUR11.65 (Lm5) in coins will be available from 10 December – of course bearing in mind Maltese euro coins will not be legal tender until the stroke of midnight on New Year’s Eve.