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The pound (Irish: punt) was the currency of Ireland until 2002. Its ISO 4217 code was IEP , and the symbol was £ (or £Ir for distinction. [ 1 ] ) The Irish pound was replaced by the euro on 1 January 1999. [ 2 ]
Irish coins had previously been produced in Great Britain at the Royal Mint. The rising expense of minting coins necessitated the introduction of the twenty pence coin in 1986; the halfpenny coin was withdrawn at this time as inflation had reduced its buying power. The introduction of the Irish pound coin required the Decimal Currency Act, 1990 ...
With a conversion factor of 0.787564 Irish pounds to the euro, of the 15 national currencies originally tied to the euro (also including the currencies of Vatican City, Monaco and San Marino [8]), the Irish pound was the only one whose conversion factor was less than 1, i.e. the unit of the national currency was worth more than one euro. 56% ...
All de facto present currencies in Europe, and an incomplete list of the preceding currency, are listed here. In Europe, the most commonly used currency is the euro (used by 26 countries); any country entering the European Union (EU) is expected to join the eurozone [1] when they meet the five convergence criteria. [2]
The weakness of the paper currency in Ireland lead to pressure for the creation of a ‘National Bank’ to provide a stable currency. Eventually, the Bank of Ireland was created to fill this need. The Bank of Ireland was the first joint stock bank to produce notes intended for use throughout Ireland; its first issue was in 1783. [2] Early ...
Ireland adopted the euro as its currency along with most of its EU partners on 1 January 2002. The national side of the Irish euro coins bears the coat of arms of Ireland and the 12 stars of the EU, the year of imprint and the Irish name for Ireland, Éire, in the traditional Irish script. These coins circulate throughout the eurozone.
The one pound (£1) (Irish: punt) coin, worth one Irish pound, was used in Ireland from 20 June 1990 until the formal adoption of euro currency in 2002. The last issue was minted in 2000. The coin was the largest Irish coin since decimalisation: its diameter was 3.11 centimetres (1.22 in) and it weighed 10 grams (0.35 oz).
The Irish pound was created as a separate currency in 1927 with distinct coins and notes, but the terms of the Currency Act 1927 obliged the Irish currency commissioners to redeem Irish pounds on a fixed 1:1 basis, and so day-to-day banking operations continued exactly as they had been before the creation of the Irish pound. [27] The Irish ...