1 Pound – Cyprus
Non-circulating coins
Commemoration: III Games of Small States of Europe
Cyprus
Context
Material
References
KM: #Click to copy to clipboard63a
Numista: #56752
Value
Exchange value: 1 CYP
Bullion value: $74.36
Obverse
Description:
A dove with an olive twig and the year 1960, encircled by laurels and the words "CYPRUS · KYΠPΟΣ · KIBRIS".
Inscription:
1960
CYPRUS.ΚΥΠΡΟΣ.KIBRIS.1989.
CYPRUS.ΚΥΠΡΟΣ.KIBRIS.1989.
Translation:
CYPRUS. CYPRUS. CYPRUS. 1989.
Engraver: Clara Zacharaki - Georghiou
Reverse
Description:
A composition of the winged god Agon, personifying struggle, encircled by the inscription "III Games of the Small States of Europe" in Greek and the £1 face value.
Inscription:
ΙΙΙ Αγώνες μικρών κρατών Ευρώπης
£1
£1
Translation:
Third Small States of Europe Games
£1
£1
Language: Greek
Edge
Plain
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1989 | — | 4,000 | Proof |
Historical background
In 1989, the Republic of Cyprus operated under a unique and complex dual-currency system, a legacy of the island's division following the 1974 Turkish invasion. The internationally recognized government in the south used the Cypriot pound (CYP), which was pegged to a basket of currencies, primarily weighted towards the European Currency Unit (ECU), the forerunner to the euro. This peg provided a degree of stability but required consistent foreign exchange reserves and careful monetary policy from the Central Bank of Cyprus to maintain.
Simultaneously, the northern part of the island, administered by the Turkish Republic of Northern Cyprus (recognized only by Turkey), used the Turkish lira (TRY). This created a stark economic contrast, as the south enjoyed relative prosperity and stability tied to Europe, while the north grappled with the high inflation and volatility imported from Turkey's own economic struggles. The Green Line dividing the island was a firm economic as well as political boundary, with limited movement of goods and people, effectively creating two separate monetary zones.
The currency situation in 1989 thus reflected the island's political reality: a bifurcated economy with the Cypriot pound symbolizing the south's alignment with Western economic structures and aspirations for European integration, and the Turkish lira anchoring the north's dependence on Ankara. This duality underscored the deep economic disparities between the two communities and presented a significant challenge to any future discussions on reunification, as monetary integration would be a formidable hurdle long before political agreements could be reached.
Simultaneously, the northern part of the island, administered by the Turkish Republic of Northern Cyprus (recognized only by Turkey), used the Turkish lira (TRY). This created a stark economic contrast, as the south enjoyed relative prosperity and stability tied to Europe, while the north grappled with the high inflation and volatility imported from Turkey's own economic struggles. The Green Line dividing the island was a firm economic as well as political boundary, with limited movement of goods and people, effectively creating two separate monetary zones.
The currency situation in 1989 thus reflected the island's political reality: a bifurcated economy with the Cypriot pound symbolizing the south's alignment with Western economic structures and aspirations for European integration, and the Turkish lira anchoring the north's dependence on Ankara. This duality underscored the deep economic disparities between the two communities and presented a significant challenge to any future discussions on reunification, as monetary integration would be a formidable hurdle long before political agreements could be reached.
💎 Extremely Rare