100 Mils - Elizabeth II 1st portrait

1955: 640,000 coins of 2,500,000 were melted by Royal Mint in 1967

 100 Mils of 1957 was the last of 98 different coins issued by the British for Cyprus during the 82 years (1878 - 1960) of their rule over the Island.
1957: Of minted number of 500,000 only 5,000 were put into circulation and another 5,000 were sold for collectors . All remaining were melted down by Royal Mint.

 On 28th of September, 1968 the Central Bank of Cyprus issued the following statement: "In 1957, three years before the independence of Cyprus, 500,000 coins in the value of 100 Mils were struck by Royal Mint, London. This was the last order for coins placed by the Colonial Government and it concerned only one denomination. As at that time there were still in stock coins struck in 1955, no other 1957 coins were placed in circulation.
The coin bears the portrait of H.M. Queen Elizabeth the Second and is similar in design and other characteristics to previous coins, except that the year of issue has been changed from 1955 to 1957. This difference, though important to collectors, was not noticed by Cyprus public and the 5,000 pieces of 1957 changed hands unrecognized. Numismatics, knowing from the reports of the Mint that 100 mils 1957 had been struck, started making enquirers about it. Some coins have been already traced; other may still be in circulation.
The Republic of Cyprus which came into being on August 16, 1960, introduced its own coinage (1963) and, thus, the stock of coins taken over from Colonial Government became obsolete. Out of 495,000 coins of 1957, 490,000 were returned to London and where they were melted down by the Royal Mint (Destruction Certificate No. 2/121/7 dated 5th March 1968).
The 5,000 uncirculated pieces kept, have been packed in luxurious plastic wallets numbered 1 to 5,000 for disposal to collectors and numismatics".
The fixed price per piece was £1.250 Mils
There were no proof coins reported for this mint.