The Kingdom of Ireland formed a personal union with England in June 1541. The Republic of Ireland declared its independence on January 22, 1919 and the Irish Free State was established on December 6, 1922. Ireland was known as the Irish Free State from 1923 until 1937, as Eire from 1937 until 1949, and as the Republic of Ireland since 1949. Northern Ireland remains part of the United Kingdom.
The first Irish coins were minted around 995 by King Sihtric Silkenbeard. After the Normans invaded Ireland in 1169, the English began minting coins in Dublin which imitated British Pound Sterling (GBP) coins.
After gaining its independence, Ireland issued the Irish Pound/Pfund (IEP) at par with the British Pound Sterling. There were six note-issuing banks in Ireland when it gained its independence. A currency commission was established, which began issuing notes on September 10, 1928. It was replaced by the Central Bank of Ireland in 1942 and private banks lost their right to issue notes. The Pound was divisible into 20 Shillings and 240 Pence until February 14, 1971 when the Pound was made divisible into 100 Pence. Irish Pound Banknotes were issued by eight private banks between 1929 and 1939, by the Currency Commission of Ireland between 1928 and 1943, and by the Central Bank of Ireland from 1943 until 2002.
Ireland adopted the Euro on January 1, 1999 with 1 Euro equal to 0.787564 Irish Pounds. Euro coins and banknotes began circulating in Ireland on January 1, 2002, and the Irish Pound ceased to be legal tender on February 9, 2002. The European Central Bank issues the Euro.
The Bank of Ireland, First Trust Bank, Northern Bank and Ulster Bank in Northern Ireland issue Pound (IBP) banknotes at par with the British Pound Sterling. Most banknotes issued by other Northern Ireland banks are redeemable. Neither these notes, nor notes issued by the Bank of England, have legal tender status in Northern Ireland, but the banknotes are commonly used in circulation. |
