The island nation of Cyprus, in the Mediterranean Sea south of Turkey, has a history of rare and unique banknotes that are perfect for collectors. There is so much to hunt for, and so many issues to try and complete, that the area of Cyprus banknotes is a thrilling focus for many notaphilists.
Overview of Cyprus Banknote History
Cyprus gained independence in 1960 from Great Britain. Before that, banknotes were issued in pounds and shillings and were first seen in 1914 (in rare issues that are very difficult to find for sale now). Occasional notes were seen in the units piastres and mils, and after independence the Cypriot pound was continued, eventually divided into cents. In 2008, Cyprus began using Euro banknotes.
From the earliest days, Cyprus banknotes featured script in English, Greek, and Turkish. Whether you are looking to collect one note from each possible issue, a complete set of a certain issue, one of each currency unit, or just a catch-as-catch-can collection of whatever notes appeal to you regardless of their provenance, here is some information about historical Cyprus banknote issues to guide you.
Historical Cyprus Paper Money Issues
Most Cyprus banknotes are easy to identify as they are all in three languages. What makes them fun to collect is their multicultural designs, the fact that they reflect a history full of conflict and political evolution, and the array of styles, denominations, and units of currency.
Earliest Cyprus Banknotes: 1914 and 1917
The first set of Cyprus banknotes were two pieces in 1914, valued at one pound and five pounds. The designs on these were very simple, merely functional: in addition to a slightly ornate border, they featured mostly English text. Look for ONE POUND and Issued by the Government of Cyprus. They are dated precisely: 10th September, 1914. On the left is the face value in Greek, on the right it’s in Turkish (which in those days was still written in the Persian script).
1 pound = 20 shillings
On October 30, 1914 a second issue followed, updating the two existing notes and adding two more, in shillings:
- 5 shillings
- 10 shillings
- 1 pound
- 5 pounds
The designs on these were a but more complex, featuring images of Great Britain’s King George V. All of the 1914 Cypriot currency notes are very rare.
Throughout 1917, a new set of banknotes was issued, with a new scheme of face values and even more modern designs. A complete set would include:
- 5 shillings
- 10 shillings
- 1 pound
- 10 pounds
- 100 pounds (unissued)
Some of these may be seen for sale from time to time, but all are still quite rare, especially in nice condition. Uncirculated versions can be priced in four figures.
Finally, in 1919, two emergency notes were printed, valued at 1 shilling and 2 shillings. Both are extremely hard to find; it’s a lucky collector who secures even one of these, in any condition.
1920/1926 Cyprus Banknotes Issue
A new set of paper money was rolled out in Cyprus beginning in 1920, with again a 1-shilling and a 2-shilling note. A 5-pound note followed in 1926. These notes, as usual, were in English, Greek, and Ottoman Persian script and all featured nice but simple designs centering around a portrait of King George V.
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1930/1933 Cyprus Banknotes Issue
In 1930 two new notes were released, worth 1 pound and 5 pounds. A 10-shilling note followed in 1933. Despite Turkey having overhauled its language to use a modified Latin script instead of Ottoman Persian, these banknotes from the 1930s still used the Persian script beside the Greek and (mostly) English text.
The reverse of these notes was notable (if you’ll pardon the pun), being blank except for a coat of arms, and the phrase GOVERNMENT OF CYPRUS in flowery, psychedelic lettering.
1937/1938/1939 Cyprus Banknotes Issue
The Government of Cyprus issued two new notes in 1937 valued at 10 shillings and 1 pound. The next year, a higher-value note was issued with a face value of 5 pounds. To complete this pre-World War 2 series, in 1939 three more, smaller-value banknotes came out. They were valued at 1 shilling, 2 shillings, and 5 shillings. Again, these notes used the classic Ottoman Persian script instead of modern Turkish (plus Greek and English).
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The 1937-1939 set of Cyprus currency notes is the first that dips into the realm of affordability for many buyers. In somewhat rougher condition, these can be priced modestly and will still be nice, historic additions to your collection.
World War 2 Overprinted Cyprus Banknotes
In 1943, at the height of World War 2, Cyprus took some existing 1-shilling notes from its recent issue and overprinted the value 3 piastres on the front and back of them. There were two varieties of these. Interestingly for collectors, the Greek, English, and Persian script all had to be overprinted with the new value. Later in 1943, dedicated 3-piastre banknotes were issued. The piastre was valued like this:
1 shilling = 9 piastres
New Cyprus Banknotes Issues of the 1950s
Some interesting changes came in the 1950s for Cyprus banknotes. First, the 1952-1953 series (5 shillings, 10 shillings, 5 pounds) was issued during the changeover from King George VI to Queen Elizabeth II. In fact, two different 50-shilling notes exist, one for each monarch. (The rest all feature the King.)
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Not only that, but this was the first issue that finally used the modern Turkish language, a modified Latin script that is easier to decipher for most Western banknote buyers.
Then, the 1955 issue introduced a new subunit, the mils.
1 shilling = 50 mils
The notes in this set were:
- 250 mils
- 500 mils
- 1 pound
- 5 pounds
All featured simple designs with ornate touches, portraits of the Queen gazing humorlessly at the viewer, and English-dominated text with Greek and modern Turkish blurbs noting the face values.
Independence: Cyprus’ First New Banknotes, 1961 Issue
The first set of banknotes issued by Cyprus after their 1960 independence changed things. New thinking in the designs of paper money pieces pique the interest of collectors nowadays. Plus, notes in the marketplace from this era onward are increasingly easy to find at affordable prices (well, depending on the note that is).
The 1961 series continued the pounds and mils currency system. Greek and Turkish are now prominent and equal on the obverse, with a few English phrases on the reverse – most importantly, Republic of Cyprus.
The first independent set of Cyprus currency was made up of four notes, the same face values as the 1955 set. These notes all feature the Greek phrase ΚΥΠΡΙΑΚH ΔΗΜΟΚΡΑΤIΑ and its Turkish equivalent KIBRIS CUMHURİYETİ prominently (the country’s name).
1964-1966 Cyprus Banknotes Issue
Another set followed from 1964 to 1966, featuring the same four face values of notes with new designs. The phrases in all three languages on this issue changed. The Greek now reads KΕΝΤΡΙΚH ΤΡAΠΕΖΑ ΤΗΣ ΚYΠΡΟΥ, the Turkish KIBRIS MERKEZ BANKASI, and the English Central Bank of Cyprus.
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1977-1982 Cyprus Banknotes Issue
Those same inscriptions were continued on a new series of notes in the late 1970s and early 1980s, but the denominations were shifted upwards a little. The four notes in this issue were valued at:
- 500 mils
- 1 pound
- 5 pounds
- 10 pounds
Updated Cyprus Currency Units of the 1980s
For the 1982-1987 issue, the Cypriot pound was kept but had a new subunit, the cent.
1 pound = 100 cents
The issue was simple; only three notes were needed: 50 cents, 1 pound, and 10 pounds. These were all immediately redesigned in the late 1980s, and in the early 1990s Cyprus added two new notes to the series, valued at 5 pounds and 20 pounds.
Last Gasp: 1997 Cyprus Banknotes Issue
Cyprus did away with their cents subunit banknotes with the 1997 issue; three notes were issued (1, 5, and 10 pounds), and then were instantly reissued with enhanced security features. A 20-pound note was also issued with the new security foil.
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Following this final series of Cypriot pound banknotes, the nation adopted the Euro in 2008 and used Euro banknotes from that point.
Buying Collectible and Rare Cyprus Banknotes
As discussed, early Cyprus banknotes from the British era tend to range from pretty rare to agonizingly rare. The hunt for these early issues requires patience and a bigger budget (or some kind of extreme luck). Even notes from the 1960s and 1970s can be pricey, especially in great condition, or in the case of specimen notes or certain date or signature varieties.
But it’s worth the effort and expense. Cyprus banknotes tell the tale of an interesting nation with a complicated story. Owning Cyprus paper money from any era is owning a real piece of the past.
