Currencies/Cypriot cent

Introduction

The Cypriot cent was the fractional subunit of the Cypriot pound (lira, £C). It was equal to one hundredth of a pound and was introduced following the decimalization of the Cypriot currency system. The cent remained in circulation from 1983 until 2008, when the Cypriot pound was replaced by the euro.

History

The Cypriot pound was first introduced in 1879 under British rule, initially divided into shillings and piastres. In 1955, the pound was reorganized into 1,000 mils, and later, on 3 October 1983, the monetary system was decimalized into 100 cents = 1 pound. This change modernized Cyprus’s currency and aligned it with international decimal standards. The cent continued in use until 1 January 2008, when Cyprus adopted the euro (€) and withdrew the pound and its subdivisions from circulation.

Coins

After the introduction of the decimal system in 1983, Cyprus issued coins denominated in 1c, 2c, 5c, 10c, 20c, and 50c, minted in cupro-nickel and nickel-brass alloys depending on denomination and issue. The 1c coin followed the form of the earlier 5-mil coin, while higher values featured new designs illustrating Cypriot art, heritage, and national symbols. The issues were released in both Proofs, Tests, and Specimens and Standard Circulation strikes, with each series reflecting updates in design and minting technology. These coins circulated widely until the euro replaced the Cypriot pound in 2008.

Banknotes

The smaller denominations of the Cypriot pound also reflected the cent system through the issue of low-value notes, particularly the 50-cent note, which circulated before the denomination was replaced by a coin. The banknote issues spanned two major series: 1982–1988 and 1987–1996, printed in Proofs, Tests, Specimens, and Standard Circulation forms. The designs incorporated national emblems, agricultural motifs, and inscriptions in Greek, Turkish, and English, representing Cyprus’s bilingual and multicultural identity. The 50-cent note remained the only fractional paper denomination, gradually phased out as part of the transition toward an entirely coin-based cent series prior to euro adoption.

Currency

100 cents = 1 Cypriot pound (₤C). The Cypriot cent served as the fundamental subdivision of the pound. Upon Cyprus’s entry into the eurozone on 1 January 2008, the conversion rate was fixed at £C 0.585274 = €1, after which both the pound and cent ceased to be legal tender.

Legacy

The Cypriot cent marked the last stage of Cyprus’s pre-euro monetary history, symbolizing the shift from the British-influenced system to a modern decimal economy. It bridged the transition between the mils-based system and the euro era, remaining a familiar part of Cypriot daily life for nearly 25 years.