1 Pound

Malta was still a British Crown Colony in 1954, and these notes circulated alongside sterling at par — the Maltese pound was pegged one-to-one with the pound sterling throughout the colonial period. De La Rue printed the entire Government of Malta pound series in London, and the colonial treasury exercised minimal independent monetary policy; note issuance was tightly controlled by London.

J. B. Stephens signed as Financial Secretary, a post that carried ultimate responsibility for currency affairs on the island. The 1954 date places this note just two years after the failed integration referendum that would have made Malta part of the United Kingdom outright — a political atmosphere that left the colony's fiscal arrangements deliberately unchanged.