10 Scudi - Angelo

The Sovereign Military Order of Malta holds a unique position in international law — a sovereign entity without territory, recognized by over a hundred states, issuing currency with no population to circulate it. These coins were struck for collectors and diplomatic purposes, never intended for any transactional economy. The Order had been issuing collector coinage since the late 1960s largely to fund charitable operations and sustain its international profile following the final loss of physical sovereignty when Napoleon expelled it from Malta in 1798.

X#45 places this squarely in the non-circulating legal tender category tracked separately from mainstream national issues.