The island of Cyprus fell under the control of the British in 1878 and became a colony in 1925. On 16 August 1960 it became an independent republic. The monetary system of Cyprus was based upon the Piastre when the island belonged to the British. The Piastre was somewhat equivalent to the Penny though the number making a Shilling was nine rather than the customary twelve. Thus, the 45 Piastre coin of Cyprus was equivalent to the Crown.