Irish pound

For the coin of the same value, see Irish one pound coin.

Irish pound
Punt Éireannach (Irish)


£1 coin (obverse)	£1 coin (reverse)

ISO 4217 Code IEP

User(s) Ireland

ERM

Since 13 March 1979

Fixed rate since 31 December 1998

Replaced by €, non cash 1 January 1999

Replaced by €, cash 1 January 2002

€ = £0. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established Ireland ( Irish: Éire, ˈeːrʲə is a country in north-western Europe. The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979 as part of the European Monetary System (EMS Events 1138 - Cardinal Gregorio Conti is elected Antipope as Victor IV, succeeding Anacletus II. Year 1979 ( MCMLXXIX) was a Common year starting on Monday (link displays the 1979 Gregorian calendar) Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Please update other articles as well to avoid contradiction within Wikipedia e 787564

Subunit

1/100 penny (English)
pingin (Irish)

Symbol £
(or IR£ to distinguish from other pounds)

penny (English)
pingin (Irish) p

Nickname quid

Plural pounds (English)
puint (Irish)

penny (English)
pingin (Irish) pence (English)
pinginí or phingine (after a number) (Irish)

Coins ½p, 1p, 2p, 5p, 10p, 20p, 50p, £1

Banknotes

Freq. A penny (pl pence or pennies) is a Coin or a unit of Currency used in several English -speaking countries A currency sign is a graphic symbol often used as a shorthand for a Currency 's name See also Pound (currency.The pound sign (" £ " or " ₤ " is the symbol for the Pound sterling —the currency of the A penny (pl pence or pennies) is a Coin or a unit of Currency used in several English -speaking countries Plural is a Grammatical number, typically referring to more than one of the Referent in the real world A penny (pl pence or pennies) is a Coin or a unit of Currency used in several English -speaking countries The state now called Ireland (and sometimes described as the Republic of Ireland) decided in the mid-1920s to design its own Coins and Banknotes at this The Irish Free State, subsequently known as the Republic of Ireland, resolved in the mid-1920s to design its own Coins and Banknotes at the time of the currency's used £5, £10, £20, £50 (£50 note only widely circulated in last two years before introduction of euro)

Rarely used £50, £100

Central bank Central Bank of Ireland (Banc Ceannais na hÉireann)

Website www.centralbank.ie

This infobox shows the latest status before this currency was rendered obsolete. A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states The Central Bank and Financial Services Authority of Ireland (Banc Ceannais agus Údarás Seirbhísí Airgeadais na hÉireann is the financial services regulator of Ireland A printer is a company that provides commercial Printing services often also offering Typesetting and Book-binding services The Currency Centre is the mint of Coins and printer of Banknotes for the Central Bank of Ireland, including the Euro currency A mint is an industrial facility which manufactures Coins for Currency. The Currency Centre is the mint of Coins and printer of Banknotes for the Central Bank of Ireland, including the Euro currency

The Irish pound (English) or punt Éireannach (Irish) was the currency of Ireland until 2002. English is a West Germanic language originating in England and is the First language for most people in the United Kingdom, the United States Irish (ga ''Gaeilge'' is a Goidelic language of the Indo-European language family originating in Ireland and historically spoken by the Irish. A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is Ireland ( Irish: Éire, ˈeːrʲə is a country in north-western Europe. Its ISO 4217 code was IEP, and the usual notation was the prefix £, or IR£ where confusion might have arisen with the pound sterling or other pounds. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency The pound, a unit of currency originated in England as the value of a pound mass of Silver. The Irish pound was superseded by the euro on 1 January 1999,^[1] when the Irish pound legally became a subdivision of the euro; actual euro currency did not begin circulation until the beginning of 2002. Please update other articles as well to avoid contradiction within Wikipedia e New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar)

1 First pound
2 Second pound
3 Hidden inflation
4 See also
5 References
6 External links

First pound

See also: Coins of Ireland

See also: Banknotes of Ireland

The first Irish coinage was introduced in 997 and was initially equivalent to that of England, with the pound divided into 20 shillings, each of 12 pence. The coinage of Ireland cover coins issued under a variety of local and national rulers the Kingdom of Ireland, and the early years of Ireland's membership of the United Ireland has issued its own trading Banknotes for several centuries both when the whole of Ireland was one legal entity and following partition of the island into England is a Country which is part of the United Kingdom. Its inhabitants account for more than 83% of the total UK population whilst its mainland The shilling is a unit of Currency used in current and former Commonwealth countries and was continued to be used in countries that left the commonwealth A penny (pl pence or pennies) is a Coin or a unit of Currency used in several English -speaking countries After a period of debasement, equivalence to sterling was reestablished in the 1180s. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency ^[2] However, from 1460, issues were made with different metal contents to those of England and the values of the two currencies diverged. During the Civil War, 1689-1691, James II issued an emergency, base-metal coinage known as Gun money. James II of England and Ireland James VII of Scotland (14 October 1633 &ndash 16 September 1701 was King of England, King of Scots, Later that same year James Gun money was an issue of coins made by the forces of James II during the Irish Civil War between 1689 and 1691.

In 1701, the relationship between the Irish pound and sterling was fixed at 13 Irish pounds = 12 pounds sterling. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency This led to a situation where Irish copper coins circulated with British silver coins, since 13 pence Irish = 1 British shilling. The only 19th century exceptions were silver tokens denominated in pence Irish^[3] issued by the Bank of Ireland between 1804 and 1813. The Bank of Ireland (Banc na hÉireann, officially known as the Governor and Company of the Bank of Ireland is a commercial Bank operation in Ireland The last Irish copper pennies and halfpennies were minted in 1823. The distinct Irish pound existed until January 1826 when it was replaced by British currency. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency Irish banks continued to issue paper money denominated in sterling after 1826 but no further distinct coins were issued.

Second pound

See also: Economic history of the Republic of Ireland

See also: Coins of the Republic of Ireland

See also: Banknotes of the Republic of Ireland

Saorstát pound

Following the establishment of the Irish Free State, a new currency was introduced in 1928. The state described today as the Republic of Ireland seceded from the United Kingdom of Great Britain and Ireland in 1922 The state now called Ireland (and sometimes described as the Republic of Ireland) decided in the mid-1920s to design its own Coins and Banknotes at this The Irish Free State, subsequently known as the Republic of Ireland, resolved in the mid-1920s to design its own Coins and Banknotes at the time of the currency's The Irish Free State (Saorstát Éireann (1922&ndash1937 was the state established as a Dominion on 6 December 1922 under the Anglo-Irish Treaty, signed by This new Irish pound was initially known as the Saorstát pound ("Free State pound") and was pegged to the pound sterling. As with sterling, the £sd system was used, with the Irish names punt (plural forms include phunt, puint, bpuint or the same), scilling (plural: scillinge) and pingin (plural: pinginí or phingine). £sd (pronounced and sometimes written Lsd) was the popular name for the pre-decimal currencies ( sterling) used in the United Kingdom and The currency became a reality with the introduction of coins and notes. The state now called Ireland (and sometimes described as the Republic of Ireland) decided in the mid-1920s to design its own Coins and Banknotes at this The Irish Free State, subsequently known as the Republic of Ireland, resolved in the mid-1920s to design its own Coins and Banknotes at the time of the currency's However, the pound sterling continued to be accepted on a one-for-one basis.

From 1938, the currency was referred to as the Irish pound, after the Constitution of Ireland changed the state's name. The Constitution of Ireland (Bunreacht na hÉireann came into force on 29 December 1937 after having been passed by a national plebiscite the previous July The Currency Act, 1927, Adaptation Order, 1938 was the actual mechanism by which change took place. The value of the pound did not change, and it was still subdivided into 20 shillings or 240 pence.

Decimalisation

Decimalisation of the currency was actively discussed in the 1960s. In the management of currencies, decimalisation (or decimalization) is the process of converting from traditional denominations to a " Decimal " Chief among the Irish Government's concerns was the pound sterling. The Government of Ireland (Rialtas na hÉireann n̪ˠə ˈheːɾʲən̪ˠ is the Cabinet that exercises executive authority in Ireland. When the British Government decided to decimalise its currency the Irish Government followed suit. The legislative basis for decimalisation in the Republic was the Decimal Currency Act, 1969. The number of pence in an Irish pound was redefined from 240 to 100, with the symbol for penny changing from "d" to "p". The pound itself was not revalued by this act and therefore pound banknotes were unaffected, although the 10 shillings/scillinge note was replaced by the 50p coin. New coins were issued of the same dimensions and materials as the corresponding new British coins. The Decimal Currency Act, 1970 made additional provisions for the changeover not related with the issue of coins.

Decimalisation was overseen by the Irish Decimal Currency Board which was created on June 12, 1968. Events 1381 - Peasants' Revolt: in England, rebels arrive at Blackheath. Year 1968 ( MCMLXVIII) was a Leap year starting on Monday (link will display full calendar of the Gregorian calendar. It provided a variety of changeover information including a pamphlet called Everyone's Guide to Decimal Currency. The changeover occurred on Decimal Day, February 15, 1971. Decimal Day ( 15 February Events 590 - Khosrau II is crowned as king of Persia 1637 - Ferdinand III becomes Holy Roman Emperor Year 1971 ( MCMLXXI) was a Common year starting on Friday (link will display full calendar of the 1971 Gregorian calendar.

Right up until complete withdrawal of the Irish pound on February 9, 2002, those UK coins which were the same sizes and compositions as the corresponding Irish coins were accepted virtually everywhere in Ireland. Events 474 - Zeno crowned as co-emperor of the Byzantine Empire. See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar.

Breaking the link with sterling

In the 1970s, the European Monetary System was introduced, which the Republic decided to join. There are three stages of Monetary cooperation in the European Union. The European Exchange Rate Mechanism finally broke the one-for-one link that existed between the Irish pound and the pound sterling; by March 30, 1979 the parity link between the two currencies that had existed for over 50 years was broken and an exchange rate was introduced. The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979 as part of the European Monetary System (EMS Events 240 BC - 1st recorded Perihelion passage of Halley's Comet. Year 1979 ( MCMLXXIX) was a Common year starting on Monday (link displays the 1979 Gregorian calendar) In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how By this time, trade with the United Kingdom represented 50% of Irish exports and 47% of imports; the Irish economy had diverged greatly since the introduction of the currency in 1928 and was less dependent on trade with the UK. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located Until this exchange rate was necessary, UK currency was accepted in the Republic on a one-for-one basis by many institutions.

This period also saw the creation of the Currency Centre at Sandyford in 1978 so that banknotes and coinage could be manufactured within the state. The Currency Centre is the mint of Coins and printer of Banknotes for the Central Bank of Ireland, including the Euro currency Sandyford (Áth an Ghainimh is a suburb of Dublin located in Dún Laoghaire-Rathdown County, Ireland. Prior to this banknotes were printed by specialist commercial printers in England, and coins by the Royal Mint. England is a Country which is part of the United Kingdom. Its inhabitants account for more than 83% of the total UK population whilst its mainland The Royal Mint is the body permitted to manufacture or mint, coins in the United Kingdom.


Irish 20p (yellow-brass colour)	British 20p
Images to scale

Until 1986, all decimal Irish coins were the same shape and size as their UK counterparts. After this, however, all new denominations or redesigned coins were of different sizes to the UK coinage. The new 20p and £1 coins were completely different in size, shape and composition to the previously introduced UK versions. When the UK 5p and 10p coins were reduced in size, the Irish followed suit but with the new Irish 10p smaller than the new UK version and the new Irish 5p slightly bigger than the UK version. The Irish 50p was never reduced in size as it was in the UK and this was presumably due to forthcoming replacement of the Irish pound by the euro. Please update other articles as well to avoid contradiction within Wikipedia e

Replacement with the euro

On 31 December 1998, the exchange rate between the Irish pound, the European Currency Unit, and 10 other EMS currencies (all but the pound sterling and the Danish krone) became fixed at € 1 = IR£ 0. Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) The European Currency Unit ( ₠; ECU) (the word ECU pronounced either /eky/ /ɛkʊ/ or /əː'siː'uː was a basket of the currencies of the European Community 787564. On the next day, a virtual euro was introduced and the exchange rate was GB£ 1 = € 1. 42210,^[4] making GB£ 1 ≈ IR£ 1. 12. By the same token, GB£ 1 would be worth about IR£ 1. 287 on 1 January 2002, the day when physical euro was introduced. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. ^[5]

Although the euro became the currency of the Eurozone countries including the Republic on 1 January 1999, it wasn't until the agreed date of 1 January 2002 that the state began to withdraw Irish pound coins and notes, replacing them with euro specie. Euro Enlargement of the New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. All other Eurozone countries withdrew their currencies in a similar fashion, from the agreed date. Irish pound coins and notes ceased to be legal tender on 9 February 2002,^[6] although they will be exchangeable indefinitely for euro at the Central Bank. Events 474 - Zeno crowned as co-emperor of the Byzantine Empire. See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. The Central Bank and Financial Services Authority of Ireland (Banc Ceannais agus Údarás Seirbhísí Airgeadais na hÉireann is the financial services regulator of Ireland

On 31 December 2001, the total value of Irish banknotes in circulation was €4,343. Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. 8 million, and the total value of Irish coins was €387. 9 million. The Irish cash changeover was one of the fastest in the Eurozone, with some shops illegally ceasing to accept pounds after the first week or two. Euro Enlargement of the With a conversion factor of 0. 787564 Irish pounds to the euro,^[7] 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.

Withdrawal of coinage was slower, having a lower priority, with only 45 per cent of coins withdrawn by 9 February 2002. Events 474 - Zeno crowned as co-emperor of the Byzantine Empire. See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. This figure is somewhat misleading, as at that point, almost all coinage in circulation had indeed been withdrawn – the remainder being kept as souvenirs, in hoards, or missing in households.

All Irish coins and banknotes, from the start of the Irish Free State onwards, both decimal and pre-decimal, may be exchanged for euro at the Central Bank in Dublin.

Hidden inflation

Both decimal day and the euro changeover led many in Irish society to believe that prices had been improperly raised by traders taking advantage of the confusion,^[8] exchange rates notwithstanding. In the case of the euro the government took special measures to prevent any unnecessary price changes, which ultimately proved ineffective. The period of changeover also took place during an economic boom in the country, and inflation was high. As the cost of living and prices rose, people were eager to blame it on the merchants taking advantage of changeover confusion.

References

^ Economic and Monetary Union Act, 1998 (Section 6)
^ Irish Hammered Coinage (~995 to ~1660)
^ Bank of Ireland - Ten Pence Token - 1805
^ OANDA. The Irish Free State, subsequently known as the Republic of Ireland, resolved in the mid-1920s to design its own Coins and Banknotes at the time of the currency's The state now called Ireland (and sometimes described as the Republic of Ireland) decided in the mid-1920s to design its own Coins and Banknotes at this This article covers Pound commemorative coins of Ireland Euro gold and silver commemorative coins (Ireland 10 Shilling 50p £1 Irish euro coins all share the same design by Jarlath Hayes that of the Harp, a traditional symbol for Ireland since the Middle Ages, based on that of the Brian The economy of the Republic of Ireland is modern and trade-dependent with growth averaging a 7% per annum in 1995&ndash2007 com. Exchange rate from pound sterling to euro on 1 January 1999. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) Retrieved on 2007-02-20. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
^ OANDA. com. Exchange rate from pound sterling to euro on 1 January 2002. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Retrieved on 2007-02-20. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
^ Irish Pound Notes and Coins (Cessation of Legal Tender Status) Order, 2001
^ Of the 15 national currencies originally tied to the euro (also including the currencies of Vatican City, Monaco and San Marino [1]), the Irish pound is the only one whose conversion factor is less than 1, i. Vatican City, officially the State of the Vatican City (Stato della Città del Vaticano is a Landlocked sovereign City-state whose territory For other uses see Monaco (disambiguation Monaco, officially the Principality of Monaco ( French: Principauté de Monaco; Monégasque The Most Serene Republic of San Marino (Serenissima Repubblica di San Marino is a country in the Apennine Mountains. e. the unit of the national currency was worth more than one Euro.
^ Inside Ireland, The Euro by Hugh Oram (retrieved 29 October 2006)

External links

Don's World Coin Gallery - Ireland
Ron Wise's World Paper Money - Ireland - Republic ^{Mirror site}
The Global History of Currencies - Ireland
Global Financial Data currency histories table ( Microsoft Excel format)
Overview of Irish pound from the BBC
The Irish Pound: From Origins to EMU (734K PDF file, from Central Bank website).

^ 1999 by law, 2002 de facto.

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