1. LEGAL TENDER COINS IN CYPRUS UNDER BRITISH ADMINISTRATION, 1879-1959

Set Description
LEGAL TENDER COINS IN CYPRUS UNDER BRITISH ADMINISTRATION, 1879-1959

Cyprus, an Independent Republic since 1960, became a member of the British Commonwealth in 1961 and a member of the European Union in 2004. It is an island situated in the north-eastern corner of the Mediterranean. With an area of 3,572 square miles, it is the third largest island in the Mediterranean and has a population of over 800,000 of whom the 80% are Greeks and 20% Turks. Its present local currency is the Euro.
Should there be any wonder why Aphrodite, the Greek goddess of love and beauty, made her home on this island? As Homer affirms in the Odyssey, " laughter-loving Aphrodite went to Cyprus where is her realm and fragrant altar ".

Cyprus had an ancient civilization, and a coinage, emulating that of the ancient Greek world, made its appearance back in 568 B.C. Because of its strategic position and wealth, Cyprus was coveted by all those countries who wanted to exercise power in the Eastern Mediterranean. Throughout its long history, Cyprus formed part of the Empires of Assyria, Egypt, Persia, Rome and Byzantium. In 1193 A.D. Cyprus became part of the Frankish Kingdom of the Lusignans who ruled the Island until 1489 when it was passed over to Venice as a dependency. In 1571 Cyprus was conquered by the Turks who finally handed it over to England in 1878. The British rule lasted until 1960 when Cyprus became an Independent Republic.

Under British Administration the "piastre coinage" made its first appearance in April 1879. The copper piastre became the unit of currency and was fixed at the rate of 180 to the British gold sovereign. Previous to the occupation, English gold sovereigns formed a part of the gold coinage in general circulation, along with Napoleons, Turkish Liras and Mejidies. The gold sovereign became the standard measure of value and remained the coin of unlimited legal tender throughout the period from 1878-1960. A Proclamation though, dated 9th May 1892, demonetized the sovereign and the half sovereign of all issues prior to 1838. During the reign of Queen Victoria, the half sovereign was also legal tender, demonetized though from the 1st May 1901.

This collection contains all the modern coins of Cyprus from 1879-1957 (Piastre Coinage 1879-1949 and Decimal Coinage 1955-1957), as well as a selection of British gold sovereigns from 1817-1959 and gold half-sovereigns from 1817-1901. All coins are NGC-certified and quite a few of them NCS conservated.

CYPRUS PIASTRE COINAGE (1879-1949)

The modern coinage of Cyprus, known as the " Piastre Coinage ", under the British administration appertains to the following four reigns:

1. QUEEN VICTORIA (1837-1901).

The Reign of QUEEN VICTORIA (1837-1901) House of Hanover.
Born: 24 May 1819.
Accession: 20 June 1837.
Married: Albert of Saxe-Coburg and Gotha, 10 February 1840.
Coronation: Thursday 28 June 1838.
Children: four sons, five daughters.
Died: 22 January 1901, aged 81.

During her reign a copper coinage, consisting of quarter-piastres, half-piastres and piastres, made its first appearance in 1879. There were twelve issues of the quarter-piastre, thirteen of the half-piastre and fourteen of the piastre piece. In 1901 a silver coinage was issued in denominations of 3, 41/2, 9 and 18 piastres. All of the Cyprus piastre coinage was struck at the Royal Mint in London, except a part of the issue of 1881 and that of 1882, which were struck by Ralph Heaton & Sons in Birmingham; these coins have a small H above the date.

2. KING EDWARD VII (1901-1910).

The Reign of KING EDWARD VII (1901-1910) House of Saxe-Coburg and Gotha.
Born: 9 November 1841.
Accession: 22 January 1901.
Married: Alexandra of Denmark 10 March 1863.
Coronation: Saturday, 9 August 1902.
Children: three sons, three daughters.
Died: 6 May 1910, aged 68.

The short reign of King Edward VII produced seven different coins in all. Quarter-piastre pieces were struck in 1902,1905 and 1908, the half-piastre and one piastre in 1908, and the silver 9 and 18 piastres in 1907.

3. KING GEORGE V (1910-1936).

The Reign of KING GEORGE V (1910-1936) House of Windsor.
Born: 3 June 1865.
Accession: 6 May 1910.
Married: Mary of Teck, 6 July 1893.
Coronation: Thursday, 22 June 1911, second Coronation as Emperor of India at the Delhi Durbar, Tuesday, 12 December 1911.
Children: five sons, one daughter.
Died: 20 January 1936, aged 70.

During this reign 19 issues were struck: two of the quarter-piastre, five of the half-piastre, five of the one piastre, one of the 41/2 piastre, three of the 9 piastres, two of the 18 piastres and one of the 45 piastres. The year 1928 marked the 50th anniversary of British rule in Cyprus, and the occasion commemorated by the issue of a 45 piastre piece, a crown-size silver coin, which appeared in a limited number of proofs and a larger issue of ordinary pieces. In 1934 the heavy copper coins issued in this and the previous reigns were replaced by smaller and lighter pieces in copper-nickel, with a scalloped edge to distinguish them from the silver coins.

4. KING GEORGE VI (1936-1952).

The Reign of KING GEORGE VI (1936-1952) House of Windsor.
Born: 14 December 1895.
Accession: 11 December 1936. Married: Lady Elizabeth Bowes-Lyon, 26 April 1923.
Coronation: Wednesday, 12 May 1937.
Children: two daughters.
Died: 6 February 1952, aged 56.

The reign of King George VI comprises 22 issues: six of half-piastre, seven of one piastre, one of 41/2 piastres and two each of 9 piastres, 18 piastres, one shilling and two shillings. During the war years from 1942 and again in 1949 the copper-nickel half-piastre and one piastre with scalloped edge were struck in copper. In 1947 the denominations of the 9 and 18 piastres were changed to one and two shillings respectively, and the size of the two shillings was reduced to conform to the imperial coins of similar denomination.Their metal too, was changed from silver to copper-nickel.

CYPRUS DECIMAL COINAGE (1955-1957)

In 1955, during the reign of Queen Elizabeth II, the decimal system was introduced in Cyprus. The coinage was accordingly changed from piastres and shillings to mils. The new decimal coinage consisted of five denominations: two in bronze and three in copper-nickel. The bronze coins were for 3 and 5 mils, and the copper-nickel for 25, 50 and 100 mils. Fixed rate of 1000 mils to 1 gold sovereign or 1 Cyprus pound.

QUEEN ELIZABETH II

The Reign of Queen Elizabeth II (1952- ) House of Windsor.
Born: 21 April 1926.
Accession: 6 February 1952.
Married: Philip of Greece and Denmark, 20 November 1947.
Coronation: Tuesday, 2 June 1953.
Children: Three sons, one daughter.

THE BRITISH GOLD SOVEREIGN AND GOLD HALF-SOVEREIGN

The GOLD SOVEREIGN is one of Britain's famous coins. A coin full of history and emotional attachment which has become an icon of Britain itself. Synonymous with wealth and reliability the sovereign has played an important part in the nation's, and the world's history. The sovereign flourished alongside Britain's growing empire to become a coin of international status. Its fineness and accuracy is among the highest standards of any coins throughout the world.
Highly prized for its numismatic value, the sovereign is the favorite of coin collectors the world over.

The Royal Mint struck its first gold sovereign in 1489 during the reign of Henry VII. This coin became known as a "sovereign" because the obverse design depicted the King enthroned in regal splendour. It was the first gold coin produced with a value of one pound or twenty shillings, it was the largest coin yet issued in England and also the most beautiful. The modern sovereign, smaller and featuring on the obverse the monarch's head and on the reverse the classic St. George and the dragon design by Benedetto Pistrucci, was introduced in 1817, during the reign of King George III (1760-1820), taking the form in which we know it today. The sovereign with the value of one pound or twenty shillings, was to replace the guinea, a coin introduced early in the reign of Charles II. As with the guinea the sovereign was struck in 22 carat gold. It has a diameter of 22 mm and a weight 7.988 g. Until the First World War, when it was superseded by paper money, the sovereign remained an every day coin used for every day commerce.

The "modern" SOVEREIGN, featuring on the reverse the classic St. George and the dragon design by Benedetto Pistrucci and the "modern" HALF-SOVEREIGN featuring the Royal Arms were introduced in 1817, during the reign of King George III (1760-1820). Gold sovereigns and half-sovereigns continued to be issued by the Royal Mint for the reigns of King George IV (1821-1830), King William IV (1831-1837), Queen Victoria (1838-1901), King Edward VII (1902-1910), King George V (1911-1936) and Queen Elizabeth II (1952-Date).

Some 500 million sovereigns were struck by the Royal Mint but the bulk have been melted down and either recoined or converted into bullion bars ( In 1930 the Bank of England had to melt down a total of 91,350,000 Sovereigns from their stock). Approximately ten million sovereigns believed to exist, many in worn condition. Many others, exported to India and the Middle East, were pierced for bridal dowries. Elsewhere countless sovereigns have been mounted or converted into jewellery. Thus the number of sovereigns in collectable grades is possibly fewer than five million.

To elaborate the general rarity of the gold coinage (Gold sovereigns and gold half-sovereigns), despite the large mintage in each date, there are two good reasons to contribute greatly to this matter.
During the Victorian period a very large quantity of worn coinage was withdrawn and melted. Bearing in mind that the sovereign and half-sovereign were then very much in use as a currency, it is not unreasonable to suggest that this withdrawal of gold coinage would certainly have contributed much to the rarity aspect. In fact It was actually the half-sovereign that had the most circulation in Victorian Britain.
The second reason is that both the sovereign and half-sovereign have been extensively used in the world of jewellery, and both these coins have been a big favourite for both sexes to use in rings, earrings, bracelets and pendants. Indeed many of these coins have been lost from the collectors' tray in this way.
Of the two main gold coins, half-sovereigns played a less important role internationally, serving a more domestic function and consequently being struck in smaller numbers. Wear rates recorded during the nineteenth century for half-sovereigns were always higher since the coin had a greater surface area in relation to its weight and was probably more roughly treated. Non only, therefore, did it survive less well, it was more likely to be lost in handling and was more difficult and costly to produce. Problems of wear were more extensive in relation to half-sovereigns, but sovereigns suffered as well. It was estimated that for sovereigns and half-sovereigns to fall below their minimum legal weights would take no more than 15 years. By the late 1860s 30% of sovereigns were thought to be below the least current weight and for half-sovereigns more than double that level. A further 20 years on and the problem had grown much worse. That is why half-sovereigns are a great deal more difficult to find in uncirculated condition, than finding uncirculated gold sovereigns.


SPECIFICATIONS OF THE GOLD SOVEREIGN

DIAMETER: 22.05mm
WEIGHT: 7.9887g
ALLOY: Gold
FINENESS: 22 Carat
MILLESIMAL FINENESS: 0.916
EDGE: Milled

SPECIFICATIONS OF THE GOLD HALF-SOVEREIGN

DIAMETER: 19.3-19.4mm
WEIGHT: 3.994g
ALLOY: Gold.
FINENESS: 22 Carat.
MILLESIMAL FINENESS: 0.916
EDGE: Milled.

REFERENCES and PUBLICATIONS:

THE COINS OF CYPRUS, fourth edition 2008, by A. FITIKIDES.
THE MODERN COINS and NOTES of CYPRUS, by MAJOR F. PRIDMORE.
THE SOVEREIGN, A History and Price Guide, by Daniel Fearon and Brian Reeds.
A HISTORY OF THE SOVEREIGN, by Kevin Clancy. A Royal Mint Museum publication, 2nd Edition 2017.
THE GOLD SOVEREIGN, Jubilee Edition 2002, by MICHAEL A. MARSH.
THE GOLD HALF-SOVEREIGN, 2nd Edition 2004, by MICHAEL A. MARSH.
COINS OF ENGLAND & THE UNITED KINGDOM, 52nd Edition 2017, by SPINK.
THE COIN YEAR BOOK 2012, Edited by John W. Mussell.
THE BENTLEY COLLECTION OF BRITISH MILLED SOVEREIGNS (Catalogue), Auctioned by A.H.Baldwin & Sons.

Set Goals
The modern coins of Cyprus included only silver, copper and copper-nickel coins. As the sovereign was a gold coin and legal tender in Cyprus under British Administration, the goal was to bring together gold, silver, copper and copper-nickel coins and create a Custom Set containing examples of circulating coins during the period 1879-1959.