Cyprus - Euro Coins

Cypriot euro coins

Cypriot euro coins feature three separate designs for the three series of coins. Cyprus has been a member of the European Union since 1 May 2004, and is a member of the Economic and Monetary Union of the European Union. It has completed the third stage of the EMU and adopted the euro as its official currency on 1 January 2008.
The official public contest for the design of the Cypriot euro coins, which ended on 14 October 2005, defined what the required motifs of the respective coins should encompass:

* 1 cent, 2 cent and 5 cent: The Mouflon, the most characteristic species of fauna in Cyprus, representing the island's nature and wildlife.
* 10 cent, 20 cent and 50 cent: The Kyrenia ship of 4th Century B.C., representing Cyprus's history and its character as an island as well as its importance in trade.
* €1 and €2: The Idol of Pomos, a cross-shaped idol dating back to the Cypriot chalcolithic period (3000 B.C.), found in Pomos, a village in the district of Paphos. It is a characteristic example of prehistoric art in Cyprus, representing the island’s antiquity, culture and civilization.

American artist Erik Maell and Greek artist Tatiana Soteropoulos were chosen by the Central Bank of Cyprus to create and illustrate the designs to be used for the final coins. A revised announcement for the competition stated that the artists must include the name of Cyprus in Greek and Turkish, that is, ΚΥΠΡΟΣ and KIBRIS in the design for the coins.

On 11 October 2006 the final designs of the Cypriot euro coins were presented at the exhibition "Από τη Λίρα στο Ευρώ" ("From the Pound to the Euro") of the Central Bank of Cyprus about the history of currency in Cyprus. They do not appear to include "Cyprus" in English, as demanded by the revised competition rules, but instead only in the state's two official languages, Greek and Turkish.

On 13 February 2007, the Republic of Cyprus formally applied to join the eurozone on 1 January 2008. The final decision was expected to be taken in Brussels on 21–22 June at an EU Summit to be ratified by all EU heads of state.

On 9 March 2007, the campaign to inform the citizens of Cyprus about the euro officially began in Cypriot media.

On 15 March 2007, the House of Representatives passed the necessary laws for the introduction of the euro on 1 January 2008.

On 16 May 2007, the Commissioner for Economic & Financial Affairs of the EU, Joaquin Almunia, recommended that Cyprus adopt the euro as scheduled.

On 20 June 2007, the European Parliament voted affirmatively on this issue and on 21 June 2007, the date was confirmed by the EU leaders.

On 10 July 2007, the EU Finance Ministers set the permanent exchange rate to CYP 0.585274 to 1 euro.

On 23 October 2007, the designs were officially published in the Official Journal of the European Union.

On 1 January 2008, the euro replaced the Cypriot pound as the official currency.

DESIGN AND MINTING OF CYPRIOT EURO COINS
The required quantities in euro coins will be acquired through the minting of Cypriot euro coins. The euro coins that will be minted by the Republic of Cyprus will bear the common European side on the obverse and the national side on the reverse.
There will be three national sides – one for the small denominations (1, 2 and 5 cent), one for the medium denominations (10, 20 and 50 cent) and one for the high denominations (€1 and €2). The themes for the three sides are drawn from three aspects characterising the country: nature, history and civilisation.
On the 1, 2 and 5 cent coins, the national side will depict the mouflon, as the most characteristic species of Cyprus’ wild life.
On the 10, 20 and 50 cent coins, the national side will depict the ancient ship of Kyrenia, representing the island’s relationship with the sea and its importance in trade and maritime activities.
On the €1 and €2 coins, the national side will depict the idol from Pomos, a crossshaped idol from the chalcolithic period (3000 B.C.) which is a characteristic example of Cypriot prehistoric art.
The three national sides of Cypriot euro coins.
The Cyprus euro coins will be minted by the Finnish Mint. Minting will begin immediately after the abrogation of the derogation and their delivery in Cyprus is expected to start in the beginning of October, 2007 and be completed by 30 November, 2007 the latest. The Mint will also prepare special packages, called “starter packs”, which will include euro coins for familiarisation and facilitation of transactions during the first days of circulation of the new currency.
SPECIAL COIN PACKAGES
There will be two types of starter packs: one for the public and one for enterprises.
Starter packs for the public
The starter packs for the public will contain euro coins of all denominations with an equivalent value of CYP10. The exact number of coins in the packs will be determined when the irrevocable exchange rate of the Cyprus pound against the euro is fixed. Indicatively, by using the central parity, the starter packs for the public will contain 47 coins, as analysed in table 2.3. The starter packs will be made available to the public by the CBC as well as by banks and Co-operative Credit Societies from 10 December, 2007.