By the fifth century BC, both Greek and Phoenician coins were being issued on Cyprus. Alexander the Great incorporated Cyprus into his empire and after his death, it became part of the Ptolemaic Kingdom of Egypt. Cyprus became a Roman province in 58 BC and part of the Byzantine Empire in the fifth century. Richard I defeated Comnenus in 1191 to put Cyprus under Frankish rule. In 1389 Venice became the former ruler of Cyprus and remained its rulers until Cyprus was taken by the Turks in 1570. In each case, coins minted in Cyprus corresponded to those of its rulers.
Ottoman Turks conquered Cyprus in 1571. Cyprus was part of the Ottoman Empire until it fell under British suzerainty on July 12, 1878 though the Turkish sultan remained sovereign. The United Kingdom annexed Cyprus on November 5, 1914, and became a crown colony on March 10, 1925. Cyprus gained its independence on August 16, 1960. In July 1974 the Cyprus National Guard, under Greek officers, staged a coup. The northern part of Cyprus was invaded by Turkey on July 20, 1974, but the Turkish Republic of Northern Cyprus, declared in 1983, is only recognized by Turkey. Southern Cyprus will become a member of the European Union on 1 May 2004.
Turkish banknotes and coins circulated while Cyprus was part of the Ottoman Empire. After the United Kingdom annexed Cyprus, British banknotes and coins gradually replaced Ottoman currency. Banknotes were first issued in Cyprus on September 10, 1914, and circulated with the Pound Sterling (GBP) and British coins. After gaining its independence, the Cyprus Pound (CYP) continued to circulate. Between May 5, 1942 and November 17, 1942, Palestinian Pounds were made legal tender due to a shortage of Cyprus Pound brought about by the war. The Cyprus Pound was divisible into 20 Shillings and 180 Piastres and 7200 Para from 1914 until 1954, divisible into 1000 Mills from 1955 until 1983, and is currently divisible into 100 Cents. Banknotes were issued by the Government of Cyprus until June 27, 1963, and by the Central Bank of Cyprus thereaftern. Cyprus used a currency board between 1928 and 1964.
Turkish Lira (TRL) are the primary currency in the northern portion of Cyprus, though Cypriot pounds are widely accepted. |
