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The coins bear the face of Cleopatra VII and Tutankhamun's mask, and the 1 pound coin is bimetallic.The size and composition of 50 piastre coins was reduced in 2007.Egypt remained part of the Sterling Area until 1962, when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of EG£1 = US.3.
A few have survived to refer to pounds: bariza now refers to a ten-pound note and reyal can be used in reference to a 20-pound note.
Different sums of EGP have special nicknames, for example: 1,000 EGP baku ( "elephant".
In 1924, bronze replaced cupro-nickel in the 1 millieme coin and the holes were removed from the other cupro-nickel coins.
In 1938, bronze 5 and 10 millieme coins were introduced, followed in 1944 by silver, hexagonal 2 piastre coins.
Between 19, a new coinage was introduced, consisting of aluminium-bronze 1, 5 and 10 millieme and silver 5, 10 and 20 piastre coins, with the size of the silver coinage significantly reduced.
An aluminium-bronze 2 millieme coin was introduced in 1962.The Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt in 1961.Several unofficial popular names are used to refer to different values of Egyptian currency.Eventually this led to Egypt using a de facto gold standard between 18, with E£1 = 7.4375 grams pure gold.At the outbreak of World War I, the Egyptian pound was pegged to the British pound sterling at EG£0.975 per GB£1.The gold coinage practically ceased, with only small numbers of 5 and 10 piastre coins issued.In 19, a new base metal coinage was introduced consisting of bronze millieme and holed, cupro-nickel 1, 2, 5 and 10 millieme coins.The size of 5 piastre coins was reduced in 2004, 10 and 25 piastre coins - in 2008.On June 1, 2006, 50 piastre and 1 pound coins dated 2005 were introduced, and the equivalent banknotes were phased out and completely disappeared from circulation in 2010.The pound was itself devalued in 1978 to a peg of 1 pound = 1.42857 dollars (1 dollar = 0.7 pound). However, until 2001, the float was tightly managed by the Central Bank of Egypt and foreign exchange controls were in effect.The Central Bank of Egypt voted to end the managed-float regime and allowed the pound to float freely on 3 November 2016; The official rate fell twofold.