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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.
These are pound sterling notes and equal in value to Bank of England notes, and should not be confused with banknotes of the former Irish pound. The Bank of Ireland does not issue banknotes in the territory of the Republic of Ireland; until the Republic joined the euro in 1999, the only note-issuing bank there was the Central Bank of Ireland.
[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.
The Currency Commission of the Irish Free State prescribed the design of the notes and received advice from an advisory commission. Waterlow and Sons, Limited, London printed the notes on behalf of the commission. The series consists of notes in seven denominations: 10s, £1, £5, £10, £20, £50 and £100. [1]
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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 ...