The half piaster stamp is the smallest denomination in the set. Its purpose was to pay for the local letters rate. There is only one variety listed in the major cataloques, that of the inverted watermark. It can be found both on mint and used stamps. other varieties that are not listed exist. All of these are illustrated below. Mint multiples are quite rare with only a handful recorded.
The images above show how the watermark looks like when viewed from either the front or the back of the stamp when it is straight (left) and inverted (right).
Damaged "U" in "CYPRUS". In the example shown above, the "U" has a part missing making it almost flat at the bottom.
The "River flaw" variety shows two vertical lines going through the center of the stamp,creating the effect of a river going through it.
An entire letter with the half piaster stamp, paying the local rate on a cover postmarked Larnaca, 15 April 1882 to Nicosia.
The four half piaster stamps paying the foreign letter rate from Larnaca (13 September 1881) to Constantinople and the 2 piasters the registration fee.