Five hundred mils was half a Cyprus pound in the days when the pound was divided into a thousand mils. The denomination belonged to the very first set of notes of the Republic of Cyprus, alongside 250 mils, one pound and five pounds.

The front shows the coat of arms of Cyprus and the outline of the island; the back, a mountain landscape. The note was issued from 1964, and the 1979 printing is among the last dates of this type before the monetary system changed.

In 1983 the mil gave way to the cent, the pound was divided into a hundred cents, and the 250 and 500 mil notes were withdrawn. The 500 mils was succeeded by a 50-cent note, which in turn was replaced by a coin in 1991.

A denomination in mils, which disappeared in 1983, is an essential piece for a Cyprus collection: without it one cannot show how the young republic’s monetary system worked. UNC condition means the note has never circulated: no folds, no wear, no soiling, even corners — just as it left the press.

You can compare this banknote with the country’s other issues in the VPcoins catalogue.