Currency of Ireland: from pound to euro

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Since 2002, the currency of Ireland has been the euro. On the coins that are in circulation in this country, the local state symbol is depicted. And until 2002, the Irish pound was considered the national currency here. Why has the Irish currency changed so much? For a long time, the country did not have its own money at all. They appeared only at the end of the 10th century.

History of the Irish Pound

The first Irish coins appeared in 997. They were taken from England. Therefore, the coin was equal to 1 pound sterling. And the division of the new money was identical, like that of the British currency. Thus, the Irish pound was equal to exactly 20 shillings. And 1 shilling was equal to 12 pence.

Over time, the Irish pound fell in price against the English. Entrepreneurs constantly tried to equalize them. However, these actions were not successful. As a result, by the beginning of the 18th century, 13 copper Irish pence coins were equal to the silver shilling of England. In Ireland, money was not minted on silver.

In 1823 the last Irish coins were issued. Then the banks began to print paper money. Ireland no longer has its own coins.

Only with independence, the national currency of Ireland reappeared. However, in the 1960s it was necessary to switch todecimal system. Accordingly, 1 pound became equal to 100 pence.

Euro

In 2002, the Irish pound was replaced by the euro. Local residents in the first 2 weeks exchanged more than 50% of the total money supply. Until now, Irish coins and banknotes that were issued after 1928 can be exchanged for euros. Only the Central Bank of the country, located in Dublin, does this.

During the transition to the euro, the Irish currency was exchanged based on the rate of 1 euro + 0, 7876 pounds. It was in this country that the fastest transition to EU money took place. And this is due to the fact that a very competent information policy on this topic was organized in Ireland. Booklets were handed out to the population, social advertising was launched on television, and special training was conducted.

As in all countries that are members of the European Union, coins are minted in Ireland that have:

• One side - common to the EU.
• Second side - national (harp, exactly 12 stars, year of issue of money and the inscription "Eire").

Currency of Northern Ireland

Despite the fact that Ireland has long since adopted the euro, in Northern Ireland the situation is completely different. So, the local currency is the pound sterling, which is equal to 100 pence. Today, there are banknotes of several denominations in use:

• 5 pounds;
• 100 pounds;
• 10 pounds;
• 50 pounds;
• 20 pounds.

There are also coins:

• 1 and 2 pounds;
• 1, 2, 5, 10, 20 and 50p.

The point is thatHistorically, Northern Ireland is part of the UK. Accordingly, the Irish currency does not go there.

When traveling in the European Union, everyone pays in euros. Arriving in Ireland, there is no need to change the currency either. And in shops, and in museums, and in restaurants, they will accept the euro. In institutions of the service sector, it is possible to pay with a bank card. And if necessary, you can exchange currency at any bank. On the street at random passers-by it is better not to do this. Otherwise, there is a chance of being deceived by scammers (they will make an exchange at an unfavorable rate for the tourist or they will issue counterfeit banknotes). Therefore, it is better to focus on official and large banking organizations in the country.