What is CYP currency
The pound, or lira (Greek: λίρα, plural λίρες, and Turkish: lira, Ottoman Turkish: لیره, from the Latin libra via the Italian lira; sign: £, sometimes £C[1] for distinction), was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia,[2][3] from 1879 to 2007, when the Republic of Cyprus adopted the euro. However, the self-proclaimed Turkish Republic of Northern Cyprus uses the Turkish lira as its official currency.
The Cypriot pound was introduced in 1879 and was equal in value to one pound sterling. It remained at that value until 1972, some twelve years after Cyprus gained independence from the United Kingdom. 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 £C 0.585274 = €1.00.
CYP Coins
In 1879, copper coins were introduced in denominations of 1⁄4, 1⁄2, and 1 piastre (p.). 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 1⁄2p. coin was εικοσάρα (ikosara—from the Greek ikosi that means twenty). These coins were followed, in 1901, by silver 3p., 4+1⁄2p., 9p. and 18p., the last two being equal to 1 and 2 shillings, as the word “shilling” appeared only on banknotes and was not used on any coins until 1947. The 3p. was only issued that year. The 1⁄4pt was last struck in 1926. In 1934, scalloped-shaped 1⁄2p. and 1p. coins were introduced struck in cupro-nickel, changing to bronze in 1942. In 1947, cupro-nickel 1/– and 2/– replaced the silver coins. The last piastre and shilling coins were issued in 1949.
In 1955, 3-, 5-, 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.
In 1983, coins were introduced for 1⁄2c, 1c, 2c, 5c, 10c and 20c, with the 1⁄2c the same size and composition as the earlier 5 mil coins. The other coins were struck in nickel-brass. The 1⁄2c was only struck in 1983. In 1991, cupronickel, Reuleaux heptagonal (curved-equilateral-heptagonal) 50c coins were introduced.
CYP Banknotes
In 1914, the government issued emergency notes in denominations of 10/–, and £1 and £5. Regular type notes were issued from 1917 and on. Notes for 5/– and 10/–, and £1 and £10 were introduced that year, followed by 1/- and 2/– shillings in 1920 and £5 in 1926. Denominations below 10/– were not issued after 1920 but were reintroduced in 1939, with 3p. notes issued between 1943 and 1944. The 1/– and 2/– notes were replaced by new coins in 1947.
In 1955, the 5/– and 10/– notes were replaced by 250 mil 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.[18] It began issuing paper money in 1964, and introduced £10 notes in 1977. Notes for 250 mils ceased production in 1982, shortly before the cent was introduced.
On 3 October 1983, 50c notes replaced the 500 mil notes (though using the same basic design), with £20 notes added in 1992.
The last set of banknotes 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.