2 Shillings

Cyprus was a British protectorate from 1878 and a formal Crown Colony from 1925, but in 1920 it occupied an awkward constitutional middle ground — and its currency reflected that. The Government of Cyprus issued its own treasury notes rather than relying on any colonial currency board, a relatively unusual arrangement that gave local administration direct control over small-denomination paper.

De La Rue had held the Cyprus contract for years by this point. The 2 Shilling denomination served the low end of the paper money range, filling a gap between coin and higher-value notes in an island economy still heavily dependent on agricultural trade.