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20 Euros 50th Anniversary of the Central Bank of Cyprus - gold
| Issuer | Central Bank of Cyprus |
|---|---|
| Year | 2013 |
| Type | Non-circulating coin |
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| Reverse description | The reverse features a figural composition depicting a young girl holding an olive branch bearing fruit, a symbolic representation of hope and prosperity for the era following the Central Bank of Cyprus's fifty years of service to the Cypriot economy. In the background, alternating symbols of the Cyprus pound (£) and the euro (€) are rendered to evoke the two official currencies in circulation during the commemorated fifty-year period. The nominal value €20 appears prominently in the field. A circular legend around the design reads ΚΕΝΤΡΙΚΗ ΤΡΑΠΕΖΑ ΤΗΣ ΚΥΠΡΟΥ 50 ΧΡΟΝΙΑ, identifying the issuing institution and the anniversary. The overall composition balances allegorical figural art with monetary iconography in a refined proof finish. |
| Reverse script | Greek/Latin |
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| Additional information |
The Central Bank of Cyprus was established in 1963, two years after independence from British rule, taking over monetary functions previously handled by the Currency Board. Its 50th anniversary in 2013 fell at perhaps the most turbulent moment in the institution's history: that March, Cyprus became the first eurozone country to impose a bail-in on bank depositors, with accounts above €100,000 at Laiki Bank and Bank of Cyprus subject to forced haircuts of up to 47.5%. Issuing a commemorative gold piece during that particular year carries an unintentional irony the catalog record alone cannot convey.