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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.
The Bank of Ireland also began to issue small notes pound and guinea denominations in place of gold. The highest denomination banknote that has been recorded for an Irish bank is a £500 note issued by the Bank of Ireland dated in 1869. [4]
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.
The amount to be covered is over a billion pounds. £100,000,000 note £100,000,000: non-circulating Also known as a "Titan". Used as backing for banknotes issued by Scottish and Northern Irish banks when exceeding the value of their 1845 reserves. The amount to be covered is over a billion pounds. [12]
All other eurozone countries withdrew their currencies in a similar fashion, from that date. 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.
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.
The principal difference between the denominations is their colour and size. Notes issued from 1 January 2007 feature the Royal Bank of Scotland "daisy wheel" logo, adopted by Ulster Bank in 2005. 5 pound note, grey. 10 pound note, blue-green. 20 pound note, purple. 50 pound note, blue.