5 Pounds

Cyprus was a British Crown Colony throughout this note's entire period of issue, and the Government of Cyprus — rather than a central bank — functioned as the direct currency authority, a colonial arrangement that persisted until independence in 1960. Thomas De La Rue held the printing contract for Cypriot government notes across this entire period, as they did for much of the British colonial world.

The watermark is the sole mechanical security feature, which reflects the relatively low-tech fraud environment of the colony rather than any oversight. At five pounds, this was serious money in wartime and postwar Cyprus — roughly equivalent to several weeks' wages for an agricultural worker.