Banknotes of Ireland: A Journey Through Time

Ireland's banking history dates back to the 18th century, with the first banknotes issued by the Bank of Ireland in 1783.

These early banknotes were made of paper and featured intricate designs, including coats of arms and vignettes of Irish landmarks.

The Bank of Ireland's first banknotes were printed by the firm of Perkins and Baldwin, who also printed the first banknotes for the Bank of England.

The first banknotes featured a vignette of the Bank of Ireland's main building in College Green, Dublin.

The first Irish pound was introduced in 1783 by the Bank of Ireland, which was the first joint stock bank to produce notes intended for use throughout Ireland. These early notes were denominated in Irish pounds or guineas, with 1 guinea equal to 1 pound 2 shillings 9 pence Irish.

The use of paper currency in Ireland dates back to the late 1600s, when merchants began issuing paper notes for purchases that they promised to redeem later. These notes eventually became the first paper currency to circulate in Ireland.

The Bank of Ireland's notes became a reliable instrument, but the weakness of the paper currency led to pressure for the creation of a 'National Bank' to provide a stable currency. The Bank of Ireland's highest denomination banknote was a £500 note issued in 1869.

Here are the four basic Type groups for old banknotes issued by Joint Stock banks in the period 1783-1928:

The Currency Commission devised the "Series A" notes, which were printed by Waterlow and Sons, Limited, London and featured a portrait of Lady Lavery on the front and the rivers of Ireland on the reverse.

The Series A banknotes were introduced in 1928 and remained in circulation until 1977. They were a significant part of Irish currency history.

These notes were printed by Waterlow and Sons, Limited, London, which was acquired by De La Rue. The commission created an advisory committee to determine the theme and design of the notes.

Each note featured a portrait of Lady Lavery, the wife of the artist Sir John Lavery, who was commissioned to design this feature. Her original oil on canvas painting, titled "Portrait of Lady Lavery as Kathleen Ni Houlihan", is displayed at the National Gallery of Ireland on loan from the Central Bank of Ireland.

The theme on the reverse of the notes was the rivers of Ireland, which were depicted as heads taken from the Custom House, Dublin. Rivers in both the Irish Free State and Northern Ireland were chosen.

Here are the denominations of the Series A banknotes:

Each note contained a watermark of the Head of Erin.

The Series B banknotes were commissioned by the Central Bank of Ireland and designed by Servicon, an Irish design company, between 1976 and 1982. They featured the portraits of historical figures, with the theme being the history of Ireland.

Each note in the Series B had a unique historical figure, which added a touch of cultural significance to the banknotes. The Lady Lavery portrait, from Series A, was retained as a watermark, providing a sense of continuity.

The Series B banknotes were issued in denominations of £1, £5, £10, £20, £50, and £100. The £100 note was never actually issued or circulated, making it a rare and interesting anomaly in the series.

The Irish Currency Before Independence was a complex system with multiple banks issuing their own notes. The Currency Act of 1927 gave the Currency Commission the sole authority to print and circulate legal tender in the Irish Free State.

Prior to this, Irish Joint Stock Banks had been issuing notes since 1783. By 1836, six banks were issuing notes in Ireland, including the Bank of Ireland, the Belfast Banking Company, and the National Bank of Ireland.

The denominations of these notes varied, but most banks issued notes in pounds, shillings, and fractions of a pound. Here are the denominations issued by each bank up to 1844:

The Irish pound was replaced by the pound sterling in 1826, and Irish banknotes were issued denominated in sterling.

The pound sterling played a significant role in Ireland's currency history.

In 1826, the Irish pound was replaced by the pound sterling, and later Irish banknotes were issued denominated in sterling.

Banks such as the Bank of Ireland, Belfast Banking Company, National Bank, Northern Banking Company, Provincial Bank of Ireland, and Ulster Bank issued notes during this period.

The Agricultural and Commercial Bank of Ireland, founded in 1834, initially issued notes in denominations of £1, 35 Shillings, £3, £5, £10.

The Bank of Ireland, which was founded in 1783, issued notes in denominations ranging from 30 Shillings to £500.

Fractional denominations were prohibited after 1845, resulting in a standardization of banknote denominations.

By 1920, the Bank of Ireland was issuing notes in denominations of £1, £3, £5, £10, £20, £50, £100, £500.

In Northern Ireland, six banks started issuing sterling notes in 1929. These banks were Bank of Ireland, Belfast Banking Company, National Bank, Northern Bank, Provincial Bank of Ireland, and Ulster Bank.

Today, four banks in Northern Ireland still have the right to issue banknotes, based in Belfast. Two of these banks are Irish owned, one is Scottish owned, and one is Danish owned.

Bank of Ireland (NI) and Ulster Bank are two of the four banks that retain this right. Their notes are backed by deposits at the Bank of England.

First Trust Bank, which is now known as AIB, will stop issuing banknotes in 2022.

Pre-1928 Irish banknotes were a diverse bunch, with various types and designs emerging over the years. The earliest banknotes, issued by Joint Stock banks from 1783 to 1928, can be grouped into four basic Type groups.

Early Single Branch Issues, which lasted from 1783 to around 1868, featured large size banknotes with the name of the issuing branch and head office printed on each note. These notes were a precursor to the more standardized designs that followed.

The designs of Irish banknotes evolved significantly between 1820 and 1920, with the introduction of Multi-Branch Issues, Single Branch Issues, and Pre-Currency Commission Irish Free State Issues. Each of these types had its own characteristics, such as the inclusion of branch locations on the notes.

Here's a breakdown of the main types of pre-1928 Irish banknotes:

The Irish pound was replaced by the pound sterling in 1826, marking a significant change in the country's currency.

In 1824, banking regulation in Ireland was changed to allow for the formation of joint stock banks with branch networks, leading to the foundation of several large joint stock banks.

The Agricultural and Commercial Bank of Ireland failed in 1840, one of the many banks that issued notes in Ireland.

From 1836, six banks were issuing notes in Ireland, with each bank offering a range of denominations.

The Bank of Ireland issued notes denominated in One Guinea and One Guinea and a Half up until around 1819, a unique feature of their banknotes.

After 1845, fractional denominations were prohibited, and the denominations issued by the banks settled on a standard range.

The Ulster Banking Company issued notes in denominations of £1, 25 Shillings, 30 Shillings, 35 Shillings, £3, £5, £10, £20, £50, and £100.

The transition to a new currency was a gradual process, with the Irish pound banknotes ceasing to be legal tender on 9 February 2002.

By 1836, the notes of the joint stock banks had quickly replaced those of the Irish private banks in circulation.

The Irish cash changeover was one of the fastest in the eurozone, with some shops illegally ceasing to accept pounds after the first week or two.

The Irish Free State and Republic of Ireland had a unique currency system, with the Currency Act of 1927 giving the Currency Commission the sole authority to print and circulate legal tender.

There are four basic Type groups for the old banknotes issued by Joint Stock banks in the period 1783-1928. The designs of the notes themselves evolved significantly throughout the hundred or so years from 1820 to 1920.

Here are the four basic Type groups:

Irish Joint Stock Banks of Note Issue from 1783, and the transition to the Currency Commission in 1927, played a significant role in shaping the Irish currency system.