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Upon issuing the new currency, the Free State government pegged its value to the pound sterling. The Currency Act, 1927 was passed as a basis for creating banknotes and the "Saorstát pound" (later the "Irish pound") as the "standard unit of value." The legal tender notes issued under this act began circulating on 10 September 1928.
Early notes were denominated either in Irish pounds or guineas, with 1 guinea equal to 1 pound 2 shillings 9 pence Irish. The suspension of cash payments by the Bank Restriction Act 1797 lead to an increase in the usage of banknotes in Ireland, and the notes of many of the private banks became payable in Bank of Ireland notes, which was stated ...
The one pound note has a portrait of Medb, the legendary Queen of Connacht in Irish mythology. Also a pre-Christian geometric design based on those found on bone slips is used in on the note, the background is an excerpt from the Táin. The reverse is a decorated excerpt from Lebor na hUidre, the oldest surviving Irish manuscript.
The last copper coins of the Irish pound were minted in 1823, and in 1826 the Irish pound was merged with the pound sterling. [6] After 1826, some Irish banks continued to issue paper currency, but these were denominated in sterling, and no more distinctly Irish coins were minted until the creation of the Irish Free State in the 20th century.
50 pound note featuring a commemorative medal (first introduced in 1994) 100 pound note featuring the Spanish Armada; A £5 note featuring Dunluce Castle on the obverse and a £1 note also featuring the Girona were issued by the Provincial Bank of Ireland and by AIB, but have not been issued by First Trust Bank. The reverse featured a young ...
[23] [24] Notes issued in excess of the value of notes outstanding in 1844 (1845 in Scotland) must be backed up by an equivalent value of Bank of England notes. [25] Following the partition of Ireland, the Irish Free State created an Irish pound in 1928; the new currency was pegged to sterling until 1979.
Northern Irish banknotes are fully backed such that holders have the same level of protection as those holding genuine Bank of England notes. [2] The £100 note is currently the largest denomination of banknote issued by the Bank of Ireland. [3] The £100 note of the Queen's University Belfast Series was first issued in 2005.
An example (£10 note) of the Series C Banknotes. The Series C Banknotes (Irish: Nótaí bainc sraith C) of Ireland were the final series of notes created for the state before the advent of the euro; they replaced Series B banknotes. The series gradually entered circulation from 1992 and remained in circulation until 2002. [1