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| Cypriot pound |
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| Cyprus money |
Cypriot banknotes, Cypriot paper money, Cypriot bank notes, Cyprus banknotes, Cyprus paper money, Cyprus bank notes.
Reverse: The numeral value of the note and Cyprus colonial two lion badge.
Engraved and printed by Bradbury Wilkinson and Company.
Cyprus colonial two lion badge - In 1905, the two lion badge was approved by King Edward VII. It was derived from the design of the shield of Richard I (Cœur de Lion) who conquered Cyprus in 1191, after being shipwrecked on the island, while on his way to join the Third Crusade.
Cypriot pound
The pound, also known as the lira (Greek: λίρα / plural λίρες and Turkish: lira, from the Latin libra through the Italian lira), 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.
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 (σελίνι / σελίνια, şilin). The shilling was divided into 9 piastres (γρόσι / γρόσια, kuruş), thus establishing a nomenclature link to the previous currency. The piastre was itself divided into 40 para (like the kuruş). The para denomination did not appear on any coins or banknotes but was used on postage stamps.
In 1955, Cyprus decimalized with 1000 mils (μιλς, 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 (σεντ, sent) to the pound on 3 October 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. Owner operated businesses often rounded down the net amount to be paid to the nearest multiple of 5 cents.
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.
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.
In 1955, the 5 and 10 shilling notes were replaced by 250 and 500 mil notes. The Central Bank of Cyprus was established in 1963 as an autonomous institution in accordance with the Central Bank of Cyprus Law 1963 and the relevant articles of the constitution.[6] It began issuing paper money in 1964, and introduced 10-pound notes in 1977. Notes for 250 mils ceased production in 1982, shortly before the cent was introduced.
Decimal - cents
On 3 October 1983, 50 cent notes replaced the 500 mil notes, with 20 pound notes added in 1992.