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Encyclopedia > Irish pound
Irish pound
Punt Éireannach (Irish)
£1 coin (reverse)
£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
= £0.787564
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. 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
Printer Currency Centre
Mint Currency Centre
This infobox shows the latest status before this currency was rendered obsolete.

The Irish pound (English) or punt Éireannach (Irish) was the currency of the Republic of Ireland until 2002. 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. The Irish pound was superseded by the euro on 1 January 1999,[1] when the Irish pound legally became a subdivision of the euro; actual euro currency did not begin circulation until the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. The one pound coin was introduced on June 20, 1990 using the design of a red deer, by the Irish artist Tom Ryan and based on photographs taken by Sean Ryan of red deer from the Irish national deer herd in Killarney National Park. ... Download high resolution version (748x743, 412 KB)own image Obverse of Irish pound File links The following pages link to this file: Coinage of the Republic of Ireland Categories: GFDL images ... Download high resolution version (762x749, 211 KB)own image Uncirculated coin as part of a presentation pack; presented here as a greyscale image. ...  Eurozone countries  ERM II countries  other EU countries  unilaterally adopted euro 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), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for... is the 72nd day of the year (73rd in leap years) in the Gregorian calendar. ... Also: 1979 by Smashing Pumpkins. ... is the 365th day of the year (366th in leap years) in the Gregorian calendar. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ... is the 1st day of the year in the Gregorian calendar. ... This article is about the year. ... is the 1st day of the year in the Gregorian calendar. ... Also see: 2002 (number). ... For other uses, see Euro (disambiguation). ... For the NBA basketball player with the nickname see Penny Hardaway A variety of low value coins, including an Irish 2p piece and many U.S. pennies. ... The Pound sign (£) is the symbol for Pound sterling, the currency of the United Kingdom, and some other currencies of the same name in other countries. ... For the NBA basketball player with the nickname see Penny Hardaway A variety of low value coins, including an Irish 2p piece and many U.S. pennies. ... Look up plural in Wiktionary, the free dictionary. ... For the NBA basketball player with the nickname see Penny Hardaway A variety of low value coins, including an Irish 2p piece and many U.S. pennies. ... This version of the harp, on a 1990 Irish pound, has been on Irish coinage dated from 1939 until 2000. ... The Irish penny was the second smallest denomination of the Irish pound which was decimalised on Decimal Day, February 15, 1971 it was the second of three new designs introduced all in bronze. ... The Irish two pence was the third smallest denomination of the Irish pound which was decimalised on Decimal Day, February 15, 1971 it was the third of three new designs introduced all in bronze. ... The Irish five pence was introduced on Decimal Day, February 15, 1971 and reused the design on the shilling coin produced for the Irish Free State in 1928. ... The Irish ten pence was introduced on Decimal Day, February 15, 1971 and reused the design on the florin coin produced for the Irish Free State in 1928. ... The twenty pence coin, which features the horse (an Irish hunter) that was on the half-crown coin that was produced for the Irish Free State in 1928, was introduced on October 30 1986. ... The Irish fifty pence was introduced on February 17, 1970 and is a seven sided coin, an equilateral curve heptagon of constant breadth 3 centimeters and weight 13. ... The one pound coin was introduced on June 20, 1990 using the design of a red deer, by the Irish artist Tom Ryan and based on photographs taken by Sean Ryan of red deer from the Irish national deer herd in Killarney National Park. ... Medb, the legendary Queen of Connacht, whose infidelity and violence were also legendary, was chosen for the Irish pound banknote for Series B introduced in 1976 and withdrawn in 1993. ... Banc Ceannais na hÉireann or the Central Bank of Ireland is the Republic of Ireland which had control of the issue of Irish banknotes and coins. ... The word printer is used to describe a company that provides commercial printing services, involving typesetting, printing and book-binding. ... 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 a 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 English language is a West Germanic language that originates in England. ... ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). ... “GBP” redirects here. ... The pound, a unit of currency, originated (at least in Britain) as the value of a pound mass of silver. ... For other uses, see Euro (disambiguation). ... is the 1st day of the year in the Gregorian calendar. ... This article is about the year. ...

Contents

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. After a period of debasement, equivalence to sterling was reestablished in the 1180s.[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. The coinage of Ireland cover coins issued under a variety of local and national rulers, the Kingdom of Ireland, and the early years of Irelands membership of the United Kingdom, as well as those issued by the foreunner of the Republic of Ireland since 1928, the Irish Free State. ... The banknotes of Ireland cover notes issued by individual banks, issued // History Prior to 1900, there were around 100 trading banks that issued their own banknotes. ... For other uses, see England (disambiguation). ... This article is about coinage. ... For the NBA basketball player with the nickname see Penny Hardaway A variety of low value coins, including an Irish 2p piece and many U.S. pennies. ... “GBP” redirects here. ... James II (14 October 1633 – 16 September 1701)[1] became King of England, King of Scots,[2] and King of Ireland on 6 February 1685. ... 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. 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 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. Irish banks continued to issue paper money denominated in sterling after 1826 but no further distinct coins were issued. For details of notes and coins, see British coinage and British banknotes. ... My wife and I went to visit our daughter in the UK. I used my Ulster Bank credit card and wasnt charged any extra fees. ... The pound sterling, which strictly speaking refers to basic currency unit of sterling, now the pound, can generally refer to the currency of the United Kingdom (UK). ...


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

The Irish pound (punt) served as the Republics currency from 1928 until 2002. ... This version of the harp, on a 1990 Irish pound, has been on Irish coinage dated from 1939 until 2000. ... Medb, the legendary Queen of Connacht, whose infidelity and violence were also legendary, was chosen for the Irish pound banknote for Series B introduced in 1976 and withdrawn in 1993. ...

Saorstát pound

Following the establishment of the Irish Free State, a new currency was introduced in 1928. 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). The currency became a reality with the introduction of coins and notes. However, the pound sterling continued to be accepted on a one-for-one basis. This article is about the prior state. ... £sd (pronounced, and sometimes written, LSD) was the popular name for the pre-decimal currencies used in the United Kingdom, and in most of its Empire and colonies. ... This version of the harp, on a 1990 Irish pound, has been on Irish coinage circulated from 1939 until 2000. ...


Irish pound

From 1938, the currency was referred to as the Irish pound, after the Constitution of Ireland changed the state's name. 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. The Constitution of Ireland (Irish: Bunreacht na hÉireann)[1] is the founding legal document of the state known today both as Ireland and as the Republic of Ireland. ...


Decimalisation

Decimalisation of the currency was actively discussed in the 1960s. Chief among the Irish Government's concerns was the pound sterling. 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. For the system of library classification, see Dewey Decimal Classification. ... The Government (Irish: ) [ral̪ˠt̪ˠəs̪ˠ n̪ˠə heːɼən̪ˠ] is the cabinet that exercises executive authority in the Republic of Ireland. ...


Decimalisation was overseen by the Irish Decimal Currency Board which was created on June 12, 1968. 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. is the 163rd day of the year (164th in leap years) in the Gregorian calendar. ... Year 1968 (MCMLXVIII) was a leap year starting on Monday (link will display full calendar) of the Gregorian calendar. ... This article does not cite any references or sources. ... is the 46th day of the year in the Gregorian calendar. ... 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. is the 40th day of the year in the Gregorian calendar. ... Also see: 2002 (number). ...


Breaking the link with sterling

In the 1970s, the European Monetary System was introduced, which the Republic decided to join. 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. 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. Until this exchange rate was necessary, UK currency was accepted in the Republic on a one-for-one basis by many institutions. The 1970s decade refers to the years from 1970 to 1979, also called The Seventies. ... There are three stages of monetary cooperation in the European Union. ...  Eurozone countries  ERM II countries  other EU countries  unilaterally adopted euro 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), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for... is the 89th day of the year (90th in leap years) in the Gregorian calendar. ... Also: 1979 by Smashing Pumpkins. ... Look up Parity in Wiktionary, the free dictionary Parity is a concept of equality of status or functional equivalence. ...


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. Prior to this banknotes were printed by specialist commercial printers in England, and coins by the Royal Mint. The Currency Centre is the mint of coins and printer of banknotes for the Central Bank of Ireland, including the euro currency. ... Sandyford Village Sandyford (Irish: Áth an Ghainimh), Dublin, Ireland, formerly a village, is now part of the conurbation of Greater Dublin, in the county of Dún Laoghaire-Rathdown. ... For other uses, see England (disambiguation). ... 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. Image File history File links No higher resolution available. ... UK 20 pence coin reverse File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... For other uses, see Euro (disambiguation). ...


Replacement with the euro

On 31 December 1998, the exchange rate between the Irish pound, the European Currency Unit, and 10 other ERM currencies (all but the pound sterling and the Danish krone) became fixed at € 1 = IR£ 0.787564. 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.[5] is the 365th day of the year (366th in leap years) in the Gregorian calendar. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ... The European Currency Unit (â‚ ; ECU) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro. ... is the 1st day of the year in the Gregorian calendar. ... Also see: 2002 (number). ...


Although the euro became the currency of the Eurozone countries including the Republic on January 1, 1999, it wasn't until the agreed date of January 1, 2002 that the state began to withdraw Irish pound coins and notes, replacing them with euro specie. 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 February 9, 2002,[6] although they will be exchangeable indefinitely for euro at the Central Bank. The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ... is the 1st day of the year in the Gregorian calendar. ... This article is about the year. ... is the 1st day of the year in the Gregorian calendar. ... Also see: 2002 (number). ... is the 40th day of the year in the Gregorian calendar. ... Also see: 2002 (number). ...


On December 31, 2001, the total value of Irish banknotes in circulation was €4,343.8 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. 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. is the 365th day of the year (366th in leap years) in the Gregorian calendar. ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ...


Withdrawal of coinage was slower, having a lower priority, with only 45 per cent of coins withdrawn by February 9, 2002. 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. One year after the changeover, €456 million 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.[citation needed] is the 40th day of the year in the Gregorian calendar. ... Also see: 2002 (number). ...


All Irish coins and banknotes, from the start of the Irish Free State onwards, both decimal and pre-decimal, may be exchanged for euros 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. Many retailers took the opportunity that the changeover presented and "rounded up" the new prices to round numbers, or to prices ending in € .99.[citation needed] 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.


See also

Numismatics Portal

Image File history File linksMetadata Download high resolution version (910x910, 596 KB)Media:Example. ... Medb, the legendary Queen of Connacht, whose infidelity and violence were also legendary, was chosen for the Irish pound banknote for Series B introduced in 1976 and withdrawn in 1993. ... This version of the harp, on a 1990 Irish pound, has been on Irish coinage dated from 1939 until 2000. ... The commemorative coins of Ireland are minted by the Central Bank of Ireland. ... Irish euro coins all share the same design by the hand of Jarlath Hayes, that of the harp, a traditional symbol for Ireland since the Middle Ages, based on that of the Brian Boru Harp, housed in Trinity College, Dublin, and said to have once been owned by ancient High... The economy of Ireland is modern and trade-dependent with growth averaging a robust 10% in 1995–2000. ...

References

  1. ^ Economic and Monetary Union Act, 1998 (Section 6)
  2. ^ http://www.irishcoinage.com/HAMMERED.HTM
  3. ^ http://www.irishcoinage.com/J00078.HTM
  4. ^ OANDA.com. Exchange rate from pound sterling to euro on 1 January 1999. Retrieved on 2007-02-20.
  5. ^ OANDA.com. Exchange rate from pound sterling to euro on 1 January 2002. Retrieved on 2007-02-20.
  6. ^ Irish Pound Notes and Coins (Cessation of Legal Tender Status) Order, 2001
  7. ^ 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.e. the unit of the national currency was worth more than one Euro.
  8. ^ Inside Ireland, The Euro by Hugh Oram (retrieved 29 October 2006)

is the 1st day of the year in the Gregorian calendar. ... This article is about the year. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 51st day of the year in the Gregorian calendar. ... is the 1st day of the year in the Gregorian calendar. ... Also see: 2002 (number). ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 51st day of the year in the Gregorian calendar. ...

External links

Preceded by
None
Irish currency
997-1826
Succeeded by
Pound sterling
Preceded by
Pound sterling
Irish currency
1928-20021
Succeeded by
Euro
  1. ^  1999 by law, 2002 de facto.

  Results from FactBites:
 
Irish pound at AllExperts (1224 words)
The Irish pound (Irish: punt) was the currency of the Republic of Ireland until 1999.
The last Irish copper pennies and halfpennies were minted in 1823 and after the abolition of the Irish pound British currency circulated in Ireland.
The Irish 50p was never reduced in size as it had been in the UK and this was presumably due to forthcoming replacement of the Irish Pound by the Euro.
  More results at FactBites »

 
 

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