Interesting footnote re Cypriot '57 100 mils.
cladking
Posts: 29,888 ✭✭✭✭✭
Krause notes 500,000 were struck by the Royal Mint compared to the 2,5000,000
of the 1955 issue. There were still supplies of the '55 issue in storage when the new
coin was released in 1963 which might account for the commonness of this issue.
Krause says 490,000 of the '57 100 mils was melted but according to a letter with
a packaged specimen this might be a little misleading because 5,000 pieces were
released to circulation sometime before 12-2-68. This particular specimen has serial
number 4228 and says 5000 were released in uncirculated condition. A footnote
says the 5000 pieces in circulation went unnoticed for quite some time. "Until recen-
tly these coins were changing hands unrecognized".
The packaging appears to be fairly good and this specimen is quite gemmy. Half
of these probably still survive and another 4,000 in circ or degraded condition likely
survive. Krause lists it at $50 in typical unc which might be a little high. I've only
seen the one but similar coins run pretty nice so choice and gem shouldn't be rare.
of the 1955 issue. There were still supplies of the '55 issue in storage when the new
coin was released in 1963 which might account for the commonness of this issue.
Krause says 490,000 of the '57 100 mils was melted but according to a letter with
a packaged specimen this might be a little misleading because 5,000 pieces were
released to circulation sometime before 12-2-68. This particular specimen has serial
number 4228 and says 5000 were released in uncirculated condition. A footnote
says the 5000 pieces in circulation went unnoticed for quite some time. "Until recen-
tly these coins were changing hands unrecognized".
The packaging appears to be fairly good and this specimen is quite gemmy. Half
of these probably still survive and another 4,000 in circ or degraded condition likely
survive. Krause lists it at $50 in typical unc which might be a little high. I've only
seen the one but similar coins run pretty nice so choice and gem shouldn't be rare.
tempus fugit extra philosophiam.
0
Comments
Somewhere, I also have one of these specimens that come in the little vinyl wallet (PVC?) with the same bit of info & seem to recall holder being dark green in color. I have NOT seen any circulated specimens; perhaps Dimitri may know something more? Don't know if the other 5k actually made it into circulation. Also, not sure of the origin of the cases but may have been through the bank - there may not have been such a high rate of surviviors.
We lived in Cyprus when I was a boy in 67-8 and was already numismatically inclined to some extent, although I used to think that was Cleopatra on the 1955 5 mils at the time since I knew Egyptians had been there.
Always been a favorite, this 57 100 mils...
Well, just Love coins, period.
One thing I can say, is that Krause's price is certainly not high, but rather the opposite:
1957 100 mils in plastic case.
It is indeed the last coin of the British administration in Cyprus.The coins were stored upon arrival along with the 1955 100 mils , during Cyprus' painfully slow transition to independence, and by mistake(?), 5000 coins from 1957 were released in circulation along with the 1955 ones, without anybody noticing, but the Bank, who did not repeat this mistake. When Cyprus' independence was declared in 1960, there were indeed 495000 of these coins, but the Bank returned only 490000 (in early 1968) to the Mint, in order for them to be melted. The remaining 5000 were packaged ,each with a serial number, date (12-2-68) and with the coin's info in English, and were sold to collectors for 1.25 Cyprus pounds a piece (1 pound = 1000 mils). Of the ones that were mistakenly released in circulation a decade earlier, very few if any were saved, hence the practical inexistence of any such coins in non unc condition. In some of the infinetely rare cases that one such circulated coin was spotted and put aside, the asking price was more than double than its packaged unc brother.
Info from Th. Papamichail's study on Cyprus' coins (Athens 2001)
myEbay
DPOTD 3
Here is one on Ebay today (Not my coin)
Link
Successful BST transactions with:CollectorsCoins, farthing, Filacoins, LordMarcovan, Duki, Spoon, Jinx86, ubercollector, hammered54
LochNess and ProfHaroldHill
<< <i>Thanks for the vote of confidence, but I'm not sure there's much I can add about this coin.
One thing I can say, is that Krause's price is certainly not high, but rather the opposite:
1957 100 mils in plastic case.
It is indeed the last coin of the British administration in Cyprus.The coins were stored upon arrival along with the 1955 100 mils , during Cyprus' painfully slow transition to independence, and by mistake(?), 5000 coins from 1957 were released in circulation along with the 1955 ones, without anybody noticing, but the Bank, who did not repeat this mistake. When Cyprus' independence was declared in 1960, there were indeed 495000 of these coins, but the Bank returned only 490000 (in early 1968) to the Mint, in order for them to be melted. The remaining 5000 were packaged ,each with a serial number, date (12-2-68) and with the coin's info in English, and were sold to collectors for 1.25 Cyprus pounds a piece (1 pound = 1000 mils). Of the ones that were mistakenly released in circulation a decade earlier, very few if any were saved, hence the practical inexistence of any such coins in non unc condition. In some of the infinetely rare cases that one such circulated coin was spotted and put aside, the asking price was more than double than its packaged unc brother.
Info from Th. Papamichail's study on Cyprus' coins (Athens 2001) >>
Thanks for the info. This does make more sense than what is described on the
insert. My example is not only identical to the one in your linked auction but is
the very next higher serial number. My example is somnewhat nicer though.
Thanks all for the feedback.
Muygrandeoso; That one is probably a little better than mine but the photography
makes it look bad.