The Republic of Cyprus is an island country in the eastern Mediterranean Sea. It is geographically a part of West Asia. However, its cultural ties and geopolitics are greatly influenced by Southeast Europe. It is located east of Greece, north of Egypt, south of Turkey, and west of Lebanon and Syria.
Prior to its adoption of the euro in 2008, Cyprus used the Cypriot pound as its currency. The pound was introduced by British rule in 1878. When the Central Bank of Cyprus was established in 1963, the bank took over the issuance and administration of the Cypriot pound.
The coins of the Cypriot pound have been issued from 1878 to 2008. Before the decimalization of the pound in 1955, the pound was divided into 20 shillings. Each shilling was divided into 9 piastres. The first coins were issued in 1879. These coins were bronze piastres that bore the profiles of British rulers, from Queen Victoria to King George VI.
After decimalization, the pound is subdivided into 1,000 mils. The first mils coins featured Queen Elizabeth II. They came in denominations of 3 mils, 5 mils, 25 mils, 50 mils, and 100 mils.
In 1963, Cyprus became independence. The Queen Elizabeth II coins remained in circulation. However, the Republic of Cyprus also issued its own coins. The coins were struck in the Royal Mint in London. The denominations issued were 1 mil, 5 mils, 25 mils, 50 mils, and 100 mils. The 500 mil coin was introduced in 1970.
In 1983, the pound was redecimalized. The pound is subdivided into 100 cents. Coins were introduced in the following denominations: ½ cents, 1 cent, 2 cents, 5 cents, 10 cents, and 20 cents. The ½ cent coin is made of aluminum. The remaining coins are made of nickel-brass. In 1991, the 50-cent coin is introduced and is made of cupronickel. The coins feature the national coat of arms, year of minting, and various Cypriot artifacts.
