Cypriot pound facts for kids

Quick facts for kids Cypriot pound
£20 note
ISO 4217 Code	CYP
User(s)	None, previously:  Cyprus (except  Northern Cyprus) Akrotiri and Dhekelia
Inflation	2.8%
Source	The World Factbook, 2005 est.
ERM
Since	2 May 2005
Fixed rate since	7 December 2007
Replaced by €, non cash	1 January 2008
Replaced by €, cash	1 January 2008
€ =	£C 0.585274
Band	pegged in practice, 15% de jure
Subunit
1⁄100	cent σεντ  (Greek) sent  (Turkish)
1⁄1000	mil
Symbol	£
Plural	pounds λίρες  (Greek)
cent σεντ  (Greek) sent  (Turkish)	cents σεντ  (Greek)
Coins
Freq. used	1c, 5c, 10c, 20c, 50c
Rarely used	2c
Banknotes	£1, £5, £10, £20

The Cypriot pound, also called the lira, was the money used in Cyprus from 1879 until 2007. It was replaced by the euro on January 1, 2008. The symbol for the Cypriot pound was £, sometimes written as £C to show it was specifically the Cypriot currency.

The Cypriot pound was first introduced in 1879. Its value was the same as the British pound sterling. It kept this value until 1972, which was about 12 years after Cyprus became independent from the United Kingdom.

On January 1, 2008, the Republic of Cyprus officially switched to the euro. The fixed exchange rate was set at £C 0.585274 for every €1.00. However, the self-declared Turkish Republic of Northern Cyprus uses the Turkish lira as its official money.

History of the Cypriot Pound

£1 note issued in 1955

£1 note issued in 1978

The British government brought the Cypriot pound to Cyprus in 1879. It had the same value as the British pound sterling. This new currency replaced the Turkish money that was used before. One Cypriot pound was equal to 180 piastres.

At first, the Cypriot pound was divided into 20 shillings. This was similar to how the British pound was divided. However, each Cypriot shilling was then divided into 9 piastres. This linked the new money to the older Ottoman currency. The piastre itself was divided into 40 para, but you wouldn't see "para" on coins or banknotes.

The Cypriot pound stayed equal in value to the British pound until 1972. This was about twelve years after Cyprus gained its independence from the United Kingdom.

When the Cypriot pound was first introduced in 1879, it caused some debate. At that time, Cyprus was technically part of the Ottoman Empire. Only the Ottoman Sultan was supposed to issue currency. However, the British government went ahead with introducing the pound. This issue became less important when Britain officially took over Cyprus in 1914. This happened because the Ottomans sided with the Central Powers during the First World War.

After the Treaty of Lausanne in 1923, Britain's control over Cyprus was confirmed. In 1926, a local government was set up in Cyprus. This government created the Cyprus Currency Board in 1927. The Board was in charge of printing and issuing Cypriot money.

The Currency Board could issue notes and coins. These were first in pounds, shillings, and piastres. Later, after 1955, they were in pounds and mils. The Cypriot pound always stayed linked to the British pound. This meant that the Bank of England and the British government still had control over Cyprus's money. To keep this link, for every pound issued in Cyprus, one British pound had to be kept in London by the Government of Cyprus.

Changing to Mils: Decimalisation in 1955

In 1955, the British authorities changed the Cypriot pound to a decimal system. This meant the pound was divided into 1,000 smaller parts, each called a mil. This system was not used in the United Kingdom, but it was used in some other British colonies. For example, it was used in British Mandate of Palestine from 1927 to 1948.

When the change happened in 1955, coins were made for 3, 5, 25, 50, and 100 mils. People sometimes called the 5 mil coin a piastre and the 50 mil coin a shilling.

Changing to Cents: Decimalisation in 1983

On October 3, 1983, the money system changed again. The pound was now divided into 100 cents. At this time, the smallest coin still being used was the 5 mil coin. It was renamed as 1⁄2c, but it was soon taken out of use. Coins that were marked in "mils" are no longer valid money today.

Towards the end of the Cypriot pound's use, some shops would round prices to the nearest 5 cents. This meant they often didn't give out 1c and 2c coins as change.

The Switch to the Euro

The Cypriot pound was replaced by the euro on January 1, 2008. Cyprus had been preparing for this change for a few years. On May 2, 2005, the Cypriot pound joined a system called the Exchange Rate Mechanism II. This meant its value was linked to the euro within a certain range.

Cyprus officially asked to adopt the euro on February 13, 2007. The European Commission approved this on May 16, 2007. The European Parliament and EU leaders also agreed. The final, fixed exchange rate was set on July 10, 2007: €1.00 was equal to £C 0.585274.

Before the official switch, many banks and shops started showing prices in both Cypriot pounds and euros. This helped people get used to the new currency. For example, the Bank of Cyprus started showing euro balances on its statements in summer 2006.

Euro Changeover Details

The euro became the official money of the Republic of Cyprus on January 1, 2008. Even after this date, Cypriot pound banknotes and coins were still accepted for payments until January 31, 2008.

You could exchange Cypriot pounds for euros for free at banks until June 30, 2008. Cypriot pound coins could be exchanged at the Central Bank of Cyprus until December 31, 2009. Banknotes could be exchanged there until December 31, 2017.

Coins of the Cypriot Pound

Early Coins (Pre-Decimal)

In 1879, copper coins were introduced. These were in values of 1⁄4, 1⁄2, and 1 piastre. Greek Cypriots called the 1⁄4 piastre coin dekara, meaning "ten," because it was worth 10 para. The 1⁄2 piastre coin was called ikosara, meaning "twenty."

Later, in 1901, silver coins were added for 3, 4+1⁄2, 9, and 18 piastres. The 9 and 18 piastre coins were equal to 1 and 2 shillings. The word "shilling" only appeared on banknotes until 1947. The 1⁄4 piastre coin was last made in 1926. In 1934, new 1⁄2 and 1 piastre coins were introduced. These were scalloped-shaped and made of cupro-nickel, then bronze in 1942. In 1947, cupro-nickel coins replaced the silver ones. The last piastre and shilling coins were made in 1949.

Coins in Mils (Decimal - 1955)

In 1955, new coins were introduced in mils. These were for 3, 5, 25, 50, and 100 mils. The 3 and 5 mil coins were made of bronze, while the others were cupro-nickel. In 1963, 1 mil coins were introduced. These were 12-sided and made of aluminum. In 1981, 5 mil coins were also made from aluminum and were 12-sided.

Coins in Cents (Decimal - 1983)

In 1983, a new series of coins was introduced in cents. These included 1⁄2c, 1c, 2c, 5c, 10c, and 20c. The 1⁄2c coin was the same size as the old 5 mil coin. The other coins were made of nickel-brass. The 1⁄2c coin was only made in 1983. In 1991, 50c coins were introduced. These were made of cupronickel and had a unique seven-sided shape.

Banknotes of the Cypriot Pound

Early Banknotes (Pre-Decimal)

In 1914, the government printed emergency banknotes for 10 shillings, £1, and £5. Regular banknotes started being issued from 1917. Notes for 5 and 10 shillings, £1, and £10 were introduced that year. Later, 1 and 2 shilling notes were added in 1920, and a £5 note in 1926. Notes smaller than 10 shillings were stopped after 1920 but brought back in 1939. Special 3 piastre notes were issued between 1943 and 1944. The 1 and 2 shilling notes were replaced by new coins in 1947.

Banknotes in Mils (Decimal - 1955)

In 1955, the 5 and 10 shilling notes were replaced by 250 mil and 500 mil notes. The Central Bank of Cyprus was created in 1963. It started issuing its own paper money in 1964. In 1977, £10 notes were introduced. The 250 mil notes stopped being made in 1982, just before the cent system was introduced.

1955–1960 Elizabeth II Issue
Image	Denomination	Obverse	Reverse
[1]	250 mils	Queen Elizabeth II
[2]	500 mils	Queen Elizabeth II
	£1	Queen Elizabeth II
[3]	£5	Queen Elizabeth II

Banknotes in Cents (Decimal - 1983)

On October 3, 1983, 50 cent notes replaced the 500 mil notes. They kept a similar design. In 1992, £20 notes were added.

The last series of banknotes used before the euro switch were:

Last series
Image		Value	Equivalent in euros (€)	Dimensions	Main Colour	Description			Date of			Colloquial name
Obverse	Reverse					Watermark	first printing	withdrawal	lapse
		£1	1.71	140 × 68 mm	Brown	Cypriot girl in traditional costume	Kato Drys, handicraft, pottery, laces	Aphrodite	1 February 1997	31 January 2008	31 December 2017	λίρα
		£5	8.54	148 × 72 mm	Purple	Limestone head of a young man dated from the 5th century BC found in Potamia.	Peristerona church and mosque					πεντόλιρο
		£10	17.09	156 × 76 mm	Green	Marble head of Artemis found in Paphos and dated from the Roman period.	Cyprus warbler, green turtle, Paphos blue butterfly, Cyprus mouflon, Tulipa cypria, Cyclamen					δεκάλιρο
		£20	34.17	164 × 80 mm	Blue	Aphrodite (upper part of a sculpture found in Soloi-1st century BC)	Kyrenia boat (4th century BC), Petra Tou Romiou		1 October 1997			εικοσάλιρο
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

The 1992/1993 version of the £20 note looked very similar to the last one. However, it was officially taken out of use by the Central Bank a few years before Cyprus adopted the euro.

See also

• Cypriot euro coins
• Economy of Cyprus