CYPRUS (1983-2008) - Cypriot pound reformed [CYP]

1 pound = 100 cents

On October 1, 1983 Cypriot reformed the Cypriot pound [CYP] by subdividing it into 100 parts called cents. Smallest denomination of circulating coins became worth half a cent, which was equal five mils before the reform. These coins retained therefore, the same size and shape as the earlier coins if five mils. Other denominations were clearly reduced. The highest coin denomination became 50 cents, which since 1991 has been gradually replacing the banknotes of the same value. The farewell to the Cyprus pound [CYP] took place on January 31, 2008, when it was exchanged for the euro currency [EUR].