Irish pound
From Wikipedia, the free encyclopedia.
The Irish Pound (Irish language: Punt) was the currency unit of the Irish Free State and the Republic of Ireland until January 1, 2002; the ISO 4217 code was IEP. From 1826 Ireland followed the British currency system, the pound sterling. Ireland withdrew from it in 1979. Between the foundation of the Irish Free State and 1979, the Irish pound was tied to the pound sterling.
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Introduction
The Irish pound, originally called the Saorstat Pound (Free State Pound), was introduced in 1928 by the Currency Commission, which was later transferred to the Central Bank of Ireland. Ireland and Britain decimalised its currency in 1971, with the same range of coins used, of the same size and weight, (½, 1, 2, 5, 10, and 50 pence) albeit with different designs. In 1979, it finally broke parity with the pound sterling.
Irish coins introduced after 1979 (20p and £1) were of a completely different size and weight from the equivalent British coins, as were the 5p and 10p coins after both countries reduced the coins in size in the early 1990s.
Withdrawal
On January 1, 2002, Ireland replaced the Irish pound with the euro, with Irish coins and banknotes being withdrawn from circulation by February 9, 2002, although they will be exchangeable indefinitely for euros at the Central Bank of Ireland, Banc Ceannais na hEireann.
At December 31, 2001, the total value of Irish banknotes in circulation was 4,343.8 million euros, and the total value of Irish coins was 387.9 million euros. Fifty-six per cent of the value of Irish banknotes was withdrawn from circulation within two weeks of the introduction of euro banknotes and coins, and 83.4 per cent by the time they ceased to have legal tender status on February 9. Withdrawal of coinage was slower, having a lower priority, with only 45 per cent of coins withdrawn by February 9. One year after the changeover 456 million euros of Irish pound banknotes remained unaccounted for, including one-third of all the £5 notes which, being the smallest denomination, were likely retained as souvenirs.
External link
The Irish Pound: From Origins to EMU (734K PDF file, from Central Bank website).