Cypriot euro coins
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Cyprus has been a member of the European Union since 1 May 2004 and, according to Article 4 of the Treaty of Accession 2003, is a member of the Economic and Monetary Union of the European Union with a "temporary" derogation, just like the other nine member states that joined in 2004.[1] (Of these ten states, however, Slovenia already joined the eurozone on 1 January 2007.) Its concrete accession date to the third stage of the EMU and its final adoption of the euro as its official currency (which will replace the current currency, the Cyprus pound) is currently planned on 1 January 2008, over two and a half years after 2 May 2005, when the country joined the ERM II.[2]
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: [3]
- 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.
The Cypriot starter kit will contain: 7×1 cent, 6×2 cent, 6×5 cent, 5×10 cent, 8×20 cent, 7×50 cent, 5×1 euro, 3×2 euro. Making a total of 17.09 euros and 47 coins. 250,000 starter kits will be produced. For images of the common side and a detailed description of the coins, see euro coins.
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.
| € 0.01 | € 0.02 | € 0.05 |
|---|---|---|
 |
 |
 |
| The Mouflon | ||
| € 0.10 | € 0.20 | € 0.50 |
 |
 |
 |
| The Kyrenia ship | ||
| € 1.00 | € 2.00 | € 2 Coin Edge |
 |
 |
2 ΕΥΡΩ 2 EURO |
| The Idol of Pomos | ||
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.[4]
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[5] and are shown below. 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.[6]
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, Joaquín 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.
[edit] References
- ^ http://www.europarl.europa.eu/enlargement_new/treaty/doc_en/aa00003en03.doc
- ^ National Euro Website: progress achieved, most important dates.
- ^ Revised Announcement for the Competition for the Selection of the Design of the National Sides of the Euro Coins. Central bank of Cyprus.
- ^ http://www.centralbank.gov.cy/nqcontent.cfm?a_id=2859&lang=en
- ^ http://www.centralbank.gov.cy/nqcontent.cfm?a_id=3658
- ^ "Cyprus files formal application to join the eurozone", Financial Mirror, 13/02/2007. Retrieved on 2007-02-13.
[edit] External links
- Website of the Central Bank of Cyprus with the final national designs. (Click on the name of each denomination to see the respective design)
- National Website for the Euro from the Republic of Cyprus
- The Euro Information Website- Cyprus
