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Cyprus Pound Coin Cyprus Pound Banknote

The pound, also known as the lira (Turkish: lira, from the Latin libra), was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, until 31 December 2007, when the Republic of Cyprus (and Malta) adopted the euro. However, the self-proclaimed Turkish Republic of Northern Cyprus used and still uses on the official level the Turkish lira.

The Cyprus pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of CYP 0.585274 per EUR 1.00.

History
The British introduced the pound sterling unit to Cyprus in 1879 at a rate of one to 180 Turkish piastres. It remained equal in value to the pound sterling until 1972 and was initially divided into 20 shillings. The shilling was divided into 9 piastres, thus establishing a nomenclature link to the previous currency. The piastre was itself divided into 40 para (like the kurus). The para denomination did not appear on any coins or banknotes but was used on postage stamps.

In 1955, Cyprus decimalized with 1000 mils (mil) to the pound. Colloquially, the 5 mil coin was known as a "piastre" (not an exact equivalence) and the 50 mil coin as a "shilling" (an exact equivalence). The subdivision was changed to 100 cents (sent) to the pound in 1983. At that time, the smallest coin still in circulation was that of 5 mils. This was renamed as ½ cent, but soon was abolished. Mil-denominated coins are no longer legal tender.

Towards the end of the Cypriot pound era some cashiers omitted the 1 and 2 cent coins from the change they gave. Many owner operated businesses, though, often rounded down the net amount to be paid to the nearest multiple of 5 cents.

Towards the euro
The Cyprus national currency was replaced by the euro on 1 January 2008. The currency entered the Exchange Rate Mechanism II on 2 May 2005 and it was limited within the band of CYP 0.585274 ±15% per euro. A formal application to adopt the euro was submitted on 13 February 2007. On May 16, 2007 Cyprus (along with Malta) won the European Commission's approval for this and was confirmed by the European Parliament on 20 June 2007 and the EU leaders on 21 June 2007. The permanent exchange rate, EUR 1.00 = CYP 0.585274, was decided by the EU Finance Ministers on 10 July 2007.From 12 July 2007 to 5 December 2007, the exchange rate remained at 0.5842. Since 7 December 2007, the rate has been fixed at the irrevocable rate, € = £0.585274.

In Summer 2006, the Bank of Cyprus started including on its statements the indicative balance in euros. The Cyprus Telecommunications Authority followed suit with its bills two months later. A small number of shops also showed indicative euro totals on their receipts. By late Autumn 2006, the number of banks and shops offering indicative euro equivalents on their statements and pricing had increased significantly.

Euro changeover
The Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of 0.585274 CYP per 1 euro. However, pound banknotes and coins continued to have legal tender status and were accepted for cash payments until 31 January 2008. Cypriot pounds were convertible free of charge at Cypriot credit institutions until 30 June 2008. CYP coins were convertible at the Central Bank of Cyprus until 31 December 2009 and CYP banknotes will be convertible until 31 December 2017.

Coins
Predecimal
In 1879, copper coins were introduced in denominations of ¼, ½, and 1 piastre. The Greek-Cypriots called the first of these coins the dekara (dekara -from the Greek word deka that means ten), referring to its equivalence to 10 para. The Greek name for the ½ piastre coin was ikosara (ikosara -from the Greek ikosi that means twenty). These coins were followed, in 1901, by silver 3, 4½, 9 and 18 piastres, the last two being equal to 1 and 2 shillings. The 3 piastres was only issued that year. The ¼ piastre was last struck in 1926. In 1934, scalloped-shaped ½ and 1 piastre coins were introduced struck in cupro-nickel, changing to bronze in 1942. In 1947, cupro-nickel 1 and 2 shillings replaced the silver coins. The last piastre and shilling coins were issued in 1949.

Predecimal
In 1879, copper coins were introduced in denominations of ¼, ½, and 1 piastre. The Greek-Cypriots called the first of these coins the dekara (dekara -from the Greek word deka that means ten), referring to its equivalence to 10 para. The Greek name for the ½ piastre coin was ikosara(ikosara -from the Greek ikosi that means twenty). These coins were followed, in 1901, by silver 3, 4½, 9 and 18 piastres, the last two being equal to 1 and 2 shillings. The 3 piastres was only issued that year. The ¼ piastre was last struck in 1926. In 1934, scalloped-shaped ½ and 1 piastre coins were introduced struck in cupro-nickel, changing to bronze in 1942. In 1947, cupro-nickel 1 and 2 shillings replaced the silver coins. The last piastre and shilling coins were issued in 1949.

Decimal - mils
In 1955, 3, 5, 10, 25, 50 and 100 mil coins were introduced, with the lowest two struck in bronze and the others in cupro-nickel. In 1963, dodecagonal, aluminium 1 mil coins were introduced, following the discontinuation of the 3 mil coin. Dodecagonal, aluminium 5 mil coins were introduced in 1981.

Decimal - cents
In 1983, coins were introduced for ½, 1, 2, 5, 10 and 20 cents, with the ½ cent the same size and composition as the earlier 5 mil coins. The other coins were struck in nickel-brass. The ½ cent was only struck in 1983. In 1991, cupronickel, Reuleaux heptagon (curved-equilateral-heptagonal) 50 cent coins were introduced.

Banknotes
Predecimal
In 1914, the government issued emergency notes in denominations of 10 shillings, and 1 and 5 pounds. Regular type notes were issued from 1917 and on. Notes for 5 and 10 shillings, and 1 and 10 pounds were introduced that year, followed by 1 and 2 shillings in 1920 and 5 pounds in 1926. Denominations below 10 shillings were not issued after 1920 but were reintroduced in 1939, with 3 piastres issued between 1943 and 1944. The 1 and 2 shilling notes were replaced by new coins in 1947.

Decimal - mils
In 1955, the 5 and 10 shilling notes were replaced by 250 and 500 mil notes. The Central Bank of Cyprus took over the issuance of paper money in 1964, introducing 10 pound notes in 1977. Notes for 250 mils ceased production in 1982, shortly before the cent was introduced.

Decimal - cents
In 1983, 50 cent notes replaced the 500 mil notes, with 20 pound notes added in 1992. The 1992/1993 version of the £20 note was almost identical to the latest one in terms of design. However, it is often considered part of the 1987-1992 series despite the apparent look and feel difference. And like the rest of the 1987-1992 series, the 1992/1993 £20 note was officially withdrawn by the Central Bank a few years before the adoption of the euro.

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