5⁄9 mils) and the 50 mil coin as a shilling (a precise equivalence).
In 1955, the British colonial authorities decimalised the Cypriot pound, using the "pound and mil" system proposed in 1855
by Sir William Brown MP, where the pound is divided into 1,000 elements, every known as
a mil (slightly than 960 farthings). The Cypriot pound was decimalised in 1955 at 1,000 mils (μιλς, mil)
to the pound. In 1955, 3, 5, 25, 50, and a hundred mil coins were introduced, with the lowest two
struck in bronze and the others in cupro-nickel. In 1879, copper coins have been introduced in denominations of 1⁄4,
1⁄2, and 1 piastre (p.). A query on the legality of introducing the pound in Cyprus was raised by the British Member of Parliament, Thomson Hankey,
in the United Kingdom parliament in 1879, but concerns had been dismissed
by the British government. The Cypriot pound
was launched in 1879 and was equal in value to one pound sterling.
The Cypriot pound remained equal in value to sterling till 1972, some twelve
years after Cyprus gained independence from the United Kingdom.
It remained at that worth till 1972, some twelve years after Cyprus gained independence from the United Kingdom.
During the next years, Leguía travelled within the United Kingdom and
the United States, where he learned strategies of banking and finance
that he would later apply in Peru.
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