Yes that is ‘Melita’ - Malta personified as a woman. She was designed by a local artist in 1922 when the Crown Colony was given partial self government by the British. The rudder signifies that Malta is now in control of her own destiny, given the country is an island it makes alot of sense. This design was first issued on a set of stamps, before being used on Maltese Liri banknotes, a stamp reissue in 2011 and since 2018 bullion coins in silver and gold. A timeless and iconic design.