2 oz Silver Malta 10 Euro Maltese Pharaoh Hound 2026 (Mintage: 500 | partially gilded | Ruthenium)

Maltese Pharaoh Hound 2026 – curved high-relief rarity with just 500 pieces

• Strictly limited: Very low mintage of only 500 pieces worldwide – each piece individually numbered
• Growth opportunities: Very high value appreciation potential due to the strict limitation and the high demand for the Maltese series
• Rarity: Extremely rare collector's coin in deep high relief and unusual wave-shaped form
• Investment objective: A collector's item that draws its appeal from design, finishing, and limited mintage
• Design: The Pharaoh Hound (Il-Kelb tal-Fenek) in profile against a golden sunburst, alongside the Maltese Cross – coloured, partially gilded, and finished all over with ruthenium
• Manufacturer: Germania Mint, awarded "Coin of the Year 2025" for the Maltese Bee
• Country of origin: Poland – issued for the island state of Malta
• Face value: 10 euros, official legal tender of Malta

Wave-shaped and curved, deep black ruthenium-plated, combined with golden rays and a colourfully detailed dog's head in high relief: this two-ounce edition made of 999.9 silver stands out even in a photo. In hand, it makes an even stronger impression. Germania Mint strikes the piece in partnership with the Central Bank of Malta in Valletta – exactly 500 times. There will never be more. The face value of 10 euros makes the coin official legal tender of the Mediterranean state.

Il-Kelb tal-Fenek: Malta's national dog on 45 millimetres

The Pharaoh Hound is one of Malta's native animal species and is the country's official national dog. Slender body, long upright ears, short reddish-brown coat – one of the oldest and most elegant sighthound breeds of the Mediterranean, known for speed, endurance, and a pronounced hunting instinct. Designer Natalia Danysz, who is responsible for the entire series, depicts the dog in profile in front of a geometrically structured sunburst. This solar symbolism alludes to the breed's ancient Egyptian naming tradition. Above the animal's head sits the Maltese Cross, one of the island state's most iconic symbols. The reverse bears the coat of arms of Malta, framed by sun rays and the cross.

Technically, the design has been remarkably elaborately executed. First, the entire coin is finished with ruthenium – hence the dark, almost anthracite base tone. The rays, edge, and cross are then gilded in yellow gold, while the dog's coat receives fine colouring. This contrast of black, gold, and warm reddish-brown is rarely seen to this degree of consistency on classic silver coins.

The technical data at a glance

• Material: 999.9/1000 fine silver, fine weight 62.21 g (2 ounces)
• Diameter: 45.00 mm, curved special shape
• Condition: Brilliant Uncirculated (BU) in high-relief execution
• Finishing: ruthenium, partial gilding, colouring, numbering
• Country of issue: Malta, year of issue 2026, face value 10 euros
• Scope of delivery: high-quality wooden box with capsule and certificate of authenticity

Third issue of a sought-after series

At Kettner Edelmetalle, we list this coin under the category "Land Animals"; internationally, it belongs to the Maltese series. The series kicked off with the Maltese Bee, which was honoured as "Coin of the Year 2025" in the Best Crown Coin category. This was followed by the Maltese Ox. The Pharaoh Hound is now chapter three – and with a mintage of only 500 pieces, it is the scarcest two-ounce variant of the series to date. Anyone who collects series in full knows the problem all too well: the early issues have long sold out and now pass from one collector to another. This is exactly what generates the value appreciation potential of such tiny mintages.

A comparison is worthwhile. The one-ounce version released in parallel, with a face value of 5 euros, has a mintage of 1,000 pieces and does not feature colouring. Malta also honours the Kelb tal-Fenek in its 2-euro commemorative coin series dedicated to native animal species. However, the two-ounce edition offered here is twice as heavy, far more elaborately finished, and only half as common as its smaller sibling. For collectors, this is the decisive difference – and the reason why this variant, based on experience, tends to sell out first.

Why silver belongs in a collector's portfolio

Silver has accompanied humanity for millennia as a coinage metal, a medium of trade, and a symbol of prosperity and prestige. It is exceptionally durable, retains its physical properties across generations, and possesses an intrinsic value – driven by demand from electronics, solar, and medical technology – that extends far beyond collector interest. Supply naturally remains limited. Physical metal can also be excellently passed on to the next generation – an aspect that matters for long-term retirement planning. Under current law, profits from the sale of silver are generally tax-free after a holding period of at least one year; this note, of course, does not replace individual tax advice. Anyone also seeking classic inflation hedge or crisis protection will find suitable additions in gold and silver in our range.

A rarity thrives on two things: a design that is instantly recognisable, and a number that stays small. Both come together here.

Who this edition is especially suited for

Collectors of modern coins, fans of extraordinary animal designs, and anyone who appreciates special shapes with deep relief will get their money's worth here. The very low mintage speaks for itself. Dog lovers will reach for it regardless. And anyone who has already started collecting the Maltese series will find it hard to pass this piece up. The limitation is strictly limited to 500 numbered pieces, and demand for Germania Mint coins is traditionally strong – two factors that make a collector's coin highly sought after on the secondary market. The coin is delivered in the aforementioned wooden box, which effectively showcases the design and is just as suitable as a gift as it is for your own display case.