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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.
Irish pound coins and notes ceased to be legal tender on 9 February 2002. [15] All Irish coins and banknotes, from the start of the Irish Free State onwards, both decimal and pre-decimal, may be redeemed for euros at Ireland's Central Bank in Dublin.
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 reverse is a decorated excerpt from Lebor na hUidre, the oldest surviving Irish manuscript. The one pound note was removed from circulation from June 1990 as it was replaced by the Irish pound coin. It was the final one pound note to be circulated and the first note of Series B to be removed from circulation.
[22] [23] 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. [24] Following the partition of Ireland, the Irish Free State created an Irish pound in 1928; the new currency was pegged to sterling until 1979.
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 ...
The Series A banknotes (Irish: Nótaí bainc sraith A) were the first banknotes created by and for the Irish Free State in 1928 [1] and continued to be issued when the Free State became the Republic of Ireland. They are considered to "count amongst the most iconic and beautiful of all modern banknotes."
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 ...