History
The British introduced the pound sterling unit to Cyprus in 1879 at a rate of one to 180 Turkish piastres. It remained equal in value to the pound sterling until 1972 and was initially divided into 20 shillings (σελίνι / σελίνια, şilin). The shilling was divided into 9 piastres (γρόσι / γρόσια, kuruş), thus establishing a nomenclature link to the previous currency. The piastre was itself divided into 40 para (like the kuruş). The para denomination did not appear on any coins or banknotes but was used on postage stamps.
In 1955, Cyprus decimalized with 1000 mils (μιλς, mil) to the pound. Colloquially, the 5 mil coin was known as a "piastre" (not an exact equivalence) and the 50 mil coin as a "shilling" (an exact equivalence). The subdivision was changed to 100 cents (σεντ, sent) to the pound on 3 October 1983. At that time, the smallest coin still in circulation was that of 5 mils. This was renamed as ½ cent, but soon was abolished. Mil-denominated coins are no longer legal tender.
Towards the end of the Cypriot pound era some cashiers omitted the 1 and 2 cent coins from the change they gave. Owner operated businesses often rounded down the net amount to be paid to the nearest multiple of 5 cents.
Read more about this topic: Cypriot Pound
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