Cypriot pound
Encyclopedia
The pound, also known as the lira ( / 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.
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 in 1983, October 3. 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.
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.
, Reuleaux heptagon (curved-equilateral-heptagonal) 50 cent coins were introduced.
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.
The last set of banknote
s in use were:
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.
Turkish language
Turkish is a language spoken as a native language by over 83 million people worldwide, making it the most commonly spoken of the Turkic languages. Its speakers are located predominantly in Turkey and Northern Cyprus with smaller groups in Iraq, Greece, Bulgaria, the Republic of Macedonia, Kosovo,...
: lira, from the Latin libra through the Italian
Italian language
Italian is a Romance language spoken mainly in Europe: Italy, Switzerland, San Marino, Vatican City, by minorities in Malta, Monaco, Croatia, Slovenia, France, Libya, Eritrea, and Somalia, and by immigrant communities in the Americas and Australia...
lira), was the currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of Cyprus
Cyprus
Cyprus , officially the Republic of Cyprus , is a Eurasian island country, member of the European Union, in the Eastern Mediterranean, east of Greece, south of Turkey, west of Syria and north of Egypt. It is the third largest island in the Mediterranean Sea.The earliest known human activity on the...
, including the Sovereign Base Areas
Sovereign Base Areas
The Sovereign Base Areas are military bases located on territory in which the United Kingdom is sovereign, but which are separated from the ordinary British territory....
in Akrotiri and Dhekelia
Akrotiri and Dhekelia
The Sovereign Base Areas of Akrotiri and Dhekelia are two British-administered areas comprising a British Overseas Territory on the island of Cyprus administered as Sovereign Base Areas of the United Kingdom...
, until 31 December 2007, when the Republic of Cyprus (and Malta) adopted the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
. However, the self-proclaimed Turkish Republic of Northern Cyprus
Turkish Republic of Northern Cyprus
Northern Cyprus or North Cyprus , officially the Turkish Republic of Northern Cyprus , is a self-declared state that comprises the northeastern part of the island of Cyprus...
used and still uses on the official level the Turkish lira
Turkish lira
The Turkish lira is the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus. The lira is subdivided into 100 kuruş...
.
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 sterlingPound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
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
Mill (currency)
The mill or mille is a now-abstract unit of currency used sometimes in accounting. In the United States, it is a notional unit equivalent to of a United States dollar...
(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
Cent (currency)
In many national currencies, the cent is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin which is worth one cent....
(σεντ, sent) to the pound in 1983, October 3. 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
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
.
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.
Towards the euro
The Cyprus national currency was replaced by the euroEuro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
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
Malta
Malta , officially known as the Republic of Malta , is a Southern European country consisting of an archipelago situated in the centre of the Mediterranean, south of Sicily, east of Tunisia and north of Libya, with Gibraltar to the west and Alexandria to the east.Malta covers just over in...
) 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
Bank of Cyprus
Bank of Cyprus is a major Cypriot financial institution. In terms of market capitalisation it is the country's second largest company.As of December 31, 2005, the Group's Total Assets reached C£13,22bn and the Group's Shareholders' Funds were C£818mn . At 30 September 2008, the Group's Total...
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.
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 δεκάρα (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 εικοσάρα (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, cupronickelCupronickel
Cupronickel or copper-nickel or "cupernickel" is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater...
, Reuleaux heptagon (curved-equilateral-heptagonal) 50 cent coins were introduced.
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 CyprusCentral Bank of Cyprus
The Central Bank of Cyprus , is the central bank of the Republic of Cyprus, located in Nicosia. It was established in 1963. Its current governor is Mr. Athanasios Orphanides...
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, October 3, 50 cent notes replaced the 500 mil notes, with 20 pound notes added in 1992.The last set of banknote
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s in use were:
| Last series http://www.centralbank.gov.cy/nqcontent.cfm?a_id=12&lang=en | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | € equiv. | Dimensions | Main Colour | Description | Date of | Colloquial name | |||||
| Obverse | Reverse | Obverse | Reverse | Watermark | first printing | withdrawal | lapse | |||||
| £1 | 1.71 | 140 × 68 mm | Brown | Cypriot girl in traditional costume | Kato Drys Kato Drys Kato Drys, is a small village in Cyprus, southwest of Larnaca. It is near the villages of Pano Lefkara , Kato Lefkara , and Vavla .Its average altitude is 520 meters above sea level... , handicraft, pottery, laces |
Aphrodite Aphrodite Aphrodite is the Greek goddess of love, beauty, pleasure, and procreation.Her Roman equivalent is the goddess .Historically, her cult in Greece was imported from, or influenced by, the cult of Astarte in Phoenicia.... |
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 B.C. found in Potamia Potamia, Cyprus Potamia is a village in the north-east of government controlled Cyprus in the district of Nicosia, close to the Green Line separating it from the area under Turkish occupation... . |
Peristerona Peristerona Peristerona is a large village about 32 kilometres west of the capital Nicosia, on the foothills of the Troodos Mountain range in the Morphou basin. It is built on the west bank of the river that bears the same name, which is a tributary of the river Serrachis, at an average altitude of 250... church and mosque |
πεντόλιρο | ||||||
| £10 | 17.09 | 156 × 76 mm | Green | Marble head of Artemis Artemis Artemis was one of the most widely venerated of the Ancient Greek deities. Her Roman equivalent is Diana. Some scholars believe that the name and indeed the goddess herself was originally pre-Greek. Homer refers to her as Artemis Agrotera, Potnia Theron: "Artemis of the wildland, Mistress of Animals"... found in Paphos Paphos Paphos , sometimes referred to as Pafos, is a coastal city in the southwest of Cyprus and the capital of Paphos District. In antiquity, two locations were called Paphos: Old Paphos and New Paphos. The currently inhabited city is New Paphos. It lies on the Mediterranean coast, about west of the... and dated from the Roman period. |
Cyprus Warbler Cyprus Warbler The Cyprus Warbler, Sylvia melanothorax, is a typical warbler which breeds on Cyprus. This small passerine bird is a short-distance migrant, and winters in Israel, Jordan and Egypt.... , green turtle, Paphos blue butterfly, Cyprus mouflon Mouflon The mouflon is a subspecies group of the wild sheep Ovis aries. Populations of Ovis aries can be partitioned into the mouflons and urials or arkars... , tulipa cypria, cyclamen Cyclamen Cyclamen is a genus of 23 species of perennials growing from tubers, valued for their flowers with upswept petals and variably patterned leaves... |
δεκάλιρο | ||||||
| £20 | 34.17 | 164 × 80 mm | Blue | Aphrodite Aphrodite Aphrodite is the Greek goddess of love, beauty, pleasure, and procreation.Her Roman equivalent is the goddess .Historically, her cult in Greece was imported from, or influenced by, the cult of Astarte in Phoenicia.... (upper part of a sculpture found in Soloi-1st century B.C.) |
Kyrenia boat (4th century B.C.), Petra Tou Romiou Petra Tou Romiou Petra Tou Romiou , or Aphrodite's Rock, is a sea stack in Pafos, Cyprus. Its status in mythology as the birth place of Aphrodite makes it a popular tourist location.-Birthplace of Aphrodite:... |
1 October 1997 | εικοσάλιρο | |||||
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.