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On 1 June 2006, 50 PT and E£1 coins dated 2005 were introduced, and its equivalent banknotes were temporarily phased out from circulation in 2010. The coins bear the face of Cleopatra VII and Tutankhamun's mask, and the E£1 coin is bimetallic. The size and composition of 50 PT coins was reduced in 2007. A contemporary E£1 coin in 2010.
The piastre was based on the Turkish kuruş, introduced while Egypt was part of the Ottoman Empire. As in Turkey, debasement lead to the piastre falling significantly in value. In 1834, the pound, or gineih (Arabic), was introduced as the chief unit of currency, worth 100 piastre. The piastre continues in use to the present day as a subdivision ...
British brass £1 coin and gold sovereign; Royal Bank of Scotland £1 note; Bank of England £1 note (demonetised) Egyptian £1 coin and note; Falklands £1 coin; Gibraltarian £1 coin; Guernsey £1 coin and note; Manx £1 coin; Jersey £1 coin and note; South Sudanese £1 SSP coin; Sudanese LS 1 coin; Saint Helena £1 coin and note
1/2 Millieme, Kingdom of Egypt 1938, King Farouk I. The Egyptian pound is divided into 1,000 milliemes, 10 milliemes equal 1 piastre (25 piastres is the smallest currently-minted coin). The Tunisian dinar is divided into 1,000 millimes (10 millimes is the smallest currently-minted coin).
Hence the name piastre referred to two distinct kinds of coins in two distinct parts of the world, both of which had descended from the Spanish pieces of eight. Because of the debased values of the piastres in the Middle East, these piastres became subsidiary units for the Turkish, Lebanese, Cypriot, and Egyptian pounds. [1]
The currency weakened to beyond 50 Egyptian pounds to the dollar - far beyond previous records - from about 30.85 pounds, a level Egypt has for months tried to defend. It closed at 49.4 to the dollar.
However, in 1956 the Sudan became independent, and on 8 April 1957, the Egyptian pound was replaced at par with the Sudanese pound. During the 1960s, the Sudanese pound diverged in value from the Egyptian pound, and from 30 December 1969 through until 21 September 1971, the Sudanese pound was pegged at 1:1 parity with the pound sterling.
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related to: 1 egypt pound coin