5 Shillings - George V

Cyprus was a British protectorate in 1914, formally annexed outright in November of that year when the Ottoman Empire entered the war on Germany's side. This note was issued under that charged administrative moment — the Government of Cyprus issuing paper currency directly rather than through a bank, a reflection of the island's colonial financial structure, which lacked a dedicated local issuing bank throughout this period.

The 1914 series (Pick 1–4) is scarce across all denominations, and the 5 Shilling is the most commonly encountered of them — which still means very few. Notes from this issue frequently show ink strike irregularities consistent with limited-capacity local printing rather than a major security printer.