Summary

3 Piastres, Issued by, Cyprus, 1901
Minted by Royal Mint, London

Obverse Description

Crowned bust of Victoria left; around, VICTORIA DEI GRA BRITT REG FID DEF IND IMP

Reverse Description

Within a beaded circle centre, a crown above a large 3; dividing the date, 1901; above, + CYPRUS +; below, PIASTRES

Edge Description

Milled

Significance

The British sovereign was declaired the sole legal tender for unlimited amount by an Order in Council; dated 17 September 1900. British Imperial silver coins had been in use on the island since 1882 with the British shilling as 9 piastres. In 1900 it was decided that piastre denominated silver coins would be struck and this was the first isue of thses. Under the new system silver coins were legal tender to 540 piastres and bronze to 27 piastres. The Deputy Master of the Royal Mint pointed out that, although there would be a loss of profit in not sending Imperial silver coins to Cyprus, from that time the duty of replacing worn silver would be shifted to the Cypriot government.

3 piastres was the local valuation of the Imperial 4 pence or groat coin

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