I would trust what's on the coin more than the auction.
SOVRANO OSPEDALIERO ORDINE DI MALTA - The Sovereign Military Order of Malta (SMOM), officially the Sovereign Military Hospitaller Order of Saint John of Jerusalem, of Rhodes and of Malta. The government of the Sovereign Order of Malta has a similar structure to national state governments. However, it also includes specific features associated with its nature as a lay religious order, as well as particular terminology evolved from nine centuries of history. Malta and the Order of Malta are two separate institutions. More likely that the coins were made in Rome for the order. They are neither Italian or Malta.
Yes, The Order of Malta is the Pretended Issuer of this fantasy coin. How does that get you to The Vatican? I was referring to the Order of Malta coat of arms, not the coat of arms of the Republic of Malta.