It remained at that value until 1972, some twelve years after Cyprus gained independence from the United Kingdom.

The Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of £C 0.585274 = €1.00.

The Cypriot pound was initially divided into 20 shillings (σελίνι / σελίνια, şilin, شلن), in common with sterling.

The Cypriot pound remained equal in value to sterling until 1972, some twelve years after Cyprus gained independence from the United Kingdom.

[6] This concern was rendered moot on the island following the annexation of Cyprus by Britain in 1914, in response to the Ottomans siding with the Central Powers in the First World War.

The British takeover of Cyprus in 1914 was not ratified by the Republic of Turkey until the Treaty of Lausanne in 1923, but that agreement led to the creation of a full British colonial government in Cyprus in 1926, with the establishment of a local legislative council.

[8] However, the Cypriot pound remained pegged at par with sterling, meaning ultimate fiscal control still rested with the Bank of England and the British government.

This link was maintained by the requirement that for every pound issued by the Currency Board in Cyprus, one pound sterling issued by the Bank of England had to be deposited by the Government of Cyprus with the Crown Agents in London.

Towards the end of the Cypriot pound's circulation, some cashiers omitted the 1c and 2c coins from the change they gave.

The currency entered the Exchange Rate Mechanism II on 2 May 2005 and it was limited within the band of £C 0.585274 ±15% per euro.

[16] In summer 2006, the Bank of Cyprus started including on its statements the indicative balance in euros.

A small number of shops also showed indicative euro totals on their receipts.

By late autumn 2006, the number of banks and shops offering indicative euro equivalents on their statements and pricing had increased significantly.

The Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of £C 0.585274 = €1.

However, pound banknotes and coins continued to have legal tender status and were accepted for cash payments until 31 January 2008.

The Greek-Cypriots called the first of these coins the δεκάρα (dekara—from the Greek word deka that means ten), referring to its equivalence to 10 para.

And like the rest of the 1987–1992 series, the 1992/1993 £20 note was officially withdrawn by the Central Bank a few years before the adoption of the euro.