Drop-down List: Abbreviated in cell

Let's say I have a list of countries in my drop down list. Is it possible to spell them all out in the list but when one is selected, an abbreviated version appears in the cell?

For example, if "United Kingdom" is in my list, when I select "United Kingdom", I want "UK" to appear in the active cell. If there code I can reference to make this possible? (New to VBA & Excel in general)