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The Irish Free State, subsequently known as Ireland, resolved in the mid-1920s to design its own coins and banknotes.Upon issuing the new currency, the Free State government pegged its value to the pound sterling.
In 1826, the Irish pound was replaced by the pound sterling and later Irish banknotes were issued denominated in sterling. Banks issuing notes during this period were the Bank of Ireland , the Belfast Banking Company, the National Bank, the Northern Banking Company , the Provincial Bank of Ireland and the Ulster Bank .
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.
There have been three sets of coins in Ireland since independence. In all three, the coin showed a Celtic harp on the obverse.The pre-decimal coins of the Irish pound had realistic animals on the reverse; the decimal coins retained some of these but featured ornamental birds on the lower denominations; and the euro coins used the common design of the euro currencies.
Banknotes are no longer redeemable in gold, and the Bank of England will only redeem sterling banknotes for more sterling banknotes or coins. The contemporary sterling is a fiat currency which is backed only by securities; in essence promissory notes from the Treasury that represent future income from the taxation of the population.
An exchange rate between the Irish punt and the pound sterling was established on 30 March 1979. The smaller denomination British 1p and 2p coins continued to be unofficially interchangeable with the Irish coins until the euro was introduced in 2002, partly due to their identical size and shape.
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.
The Currency Centre (Irish: An tIonad Airgeadra; [1] also known as the Irish Mint) is the mint of coins and printer of banknotes for the Central Bank of Ireland, including the euro currency. The centre is located in Sandyford, Dublin, Ireland. The centre does not print the complete range of euro banknotes; other denominations are imported.
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