Irish Pound

Ireland since 1826 also followed the British currency system (see Pound Sterling).

Like Britain, Ireland 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 as had been the case since the introduction of the independent Irish coinage in 1928. In 1979, it broke from the British pound (also called the Pound Sterling). The Irish currency came to be called the Irish Pound or in the Irish language the 'Punt'.

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 of the Punt

At 31 December 2001 the total value of Irish banknotes in circulation was 4,343.8 million euro, and the total value of Irish coins was 387.9 million euro. 56% of the value of Irish banknotes were withdrawn from circulation within two weeks of the introduction of euro banknotes and coins, and 83.4% by the time they ceased to have legal tender status on February 9. Withdrawal of coinage was slower, having a lower priority, with only 45% of coins withdrawn by February 9. One year after the changeover 456 million euro of Irish Punt banknotes remained unaccounted for, including one-third of all the £5 notes which, being the smallest denomination, were likely retained as souvenirs.

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