No, Cyprus pounds are no longer in circulation and cannot be exchanged.
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No, Cyprus pounds are no longer in circulation and cannot be exchanged. The official currency of Cyprus is now the Euro, which replaced the Cyprus pound on January 1, 2008. According to the Central Bank of Cyprus, all transactions in Cyprus must now be conducted in Euro, and the Cyprus pound is no longer considered legal tender.
As for why Cyprus switched to the Euro, it was primarily to align with the rest of the European Union and simplify financial transactions between member countries. In fact, all EU countries except for Denmark and the United Kingdom now use the Euro as their official currency.
In the past, the Cyprus pound was a relatively stable currency, with a fixed exchange rate of CYP 0.585274 per Euro. However, it was not widely traded internationally and was mainly only used within Cyprus itself.
Interestingly, the design of the Cyprus pound notes featured notable Cypriot figures and landmarks, including Archbishop Makarios III, the Kykkos Monastery, and the Aphrodite of Soli. A few of these notes can still be found as collectors’ items, but they have no monetary value.
In summary, if you happen to come across any old Cyprus pound notes, unfortunately, they can no longer be exchanged for Euro or any other currency. As the Central Bank of Cyprus states, “Any Cypriot pound banknotes and coins which are uncovered are considered to have become collectors’ items and should be kept in commemoration of past times.”
As the famous financial expert Dave Ramsey once said, “Money is simply a tool to help you live a good life. And there’s really no such thing as ‘good’ or ‘bad’ money.” Unfortunately, in the case of Cyprus pounds, they are now simply a relic of the past.
Here is a table comparing the denominations of the Cyprus pound and Euro:
| Cyprus Pound | Euro |
|---|---|
| CYP 1 | €1.71 |
| CYP 5 | €8.56 |
| CYP 10 | €17.12 |
| CYP 20 | €34.23 |
| CYP 50 | €85.59 |
| CYP 100 | €171.18 |
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The Cyprus Pound, also known as the lira, was introduced in 1879 at the rate of one pound to 180 Turkish piasters. It remained equal to the pound sterling until 1972, when it was decimalized. The subdivision changed to 100 cents to the pound in 1983 before eventually being replaced by the Euro in 2008 at an irrevocable fixed exchange rate. There were various coins and banknotes used as currency in Cyprus from 1901 until the adoption of the euro, with the last 20-pound note being withdrawn a few years before the transition to the Euro.
Other responses to your inquiry
The Cypriot Pound was the currency of Cyprus from 1879 until 2008, when it was replaced by the Euro. The internationally known unit of currency ‘pound’ is associated primarily with Britain, but exists, or existed, in many member countries of the Commonwealth, such as Cyprus. Cypriot Pounds are now obsolete.
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Consequently, How much is a Cyprus pound worth?
Response to this: Convert Cypriot Pound to British Pound
| CYP | GBP |
|---|---|
| 100 CYP | 145.674 GBP |
| 500 CYP | 728.371 GBP |
| 1,000 CYP | 1,456.74 GBP |
| 5,000 CYP | 7,283.71 GBP |
In respect to this, When did Cyprus change from pounds to euros?
Response will be: 1 January 2008
Cyprus joined the European Union in 2004 and adopted the euro on 1 January 2008.
When did Cyprus stop using the pound?
As a response to this: 1 January 2008
On 1 January 2008, the euro became legal tender in Cyprus, replacing the Cyprus pound (CYP) at the irrevocably fixed exchange rate of €1 = CYP 0.585274.
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Consequently, What was the old Cyprus pound?
Answer will be: Prior to the introduction of the euro, the monetary unit of the Republic of Cyprus was the Cyprus pound which was initially divided into 1.000 mils. In 1983 the mil was replaced by the cent and the Cyprus pound became denominated into 100 cent.