Ireland Currency Before Euro: From IEP to Euro

The Irish pound, also known as the IEP, was the official currency of Ireland before the Euro was introduced.

The IEP was divided into 100 pence, just like the British pound. However, the Irish pound was not pegged to the British pound, so it had its own exchange rate.

Before the Euro, the Irish government issued its own coins and banknotes, featuring iconic Irish designs and landmarks. The Central Bank of Ireland was responsible for managing the currency.

You could exchange your IEP for Euros at banks and currency exchange offices, and many businesses also accepted Euros before the official switch.

The Irish pound, also known as the punt Éireannach, was the official currency of Ireland until 2002. It was issued and managed by the Central Bank of Ireland, which still functions today.

The Irish pound has a long history dating back to the first millennium C.E. Ireland's economy was dominated by trade with the U.K. after the Act of Union in 1800, which is why the first Irish pound was assimilated into the British Pound.

The Irish government didn't prioritize creating a new currency until 1927, when it began issuing its own Irish pound, pegging it to British sterling at parity. The government promised full convertibility to the Great British Pound (GBP) at the time.

For decades, the Irish government managed its currency through a currency board, but it wasn't until 1942 that the legislature passed a law to establish the Central Bank of Ireland. The Central Bank's 1:1 peg to the British pound continued even after Ireland declared its independence in 1948.

Ireland's monetary reform began in the 1970s, with the national decimalization of the Irish pound and the Central Bank Act of 1971. This act delegated new powers to the monetary authority and ultimately led to Ireland's participation in the European exchange rate mechanism (ERM) in 1978.

In 1979, Ireland finally broke its formal link with the British pound, and the currency was floated on the free market.

The Irish Pound (IEP) was the official currency of Ireland until 2002 when the country adopted the euro. It was issued and managed by the Central Bank of Ireland, which still functions today.

The Irish term for the Irish pound is punt Éireannach. This is a unique aspect of the Irish language and culture.

In 1979, the formal link with the British pound was broken, and the currency was floated on the free market. This was a significant milestone in Ireland's economic history.

The Irish government pegged the Irish pound to British sterling at parity in 1927. This meant that the Irish pound was equal in value to the British pound, with a 1:1 exchange rate.

Here's a brief timeline of the Irish pound's value in relation to the euro:

The adoption of the euro in 2002 marked a significant change for Ireland's economy. The country's annual inflation rate was 2.4% in 2021, and its GDP growth was 13.6% in the same year.

Ireland was one of the earliest countries to adopt the euro, fixing the value of the Irish pound to the euro at the rate of 0.787564 Irish pounds per euro.

The Irish pound, also known as the punt Éireannach, was the official currency of Ireland until 2002.

The Irish pound was issued and managed by the Central Bank of Ireland, which still functions today and is responsible for producing euro banknotes and coins.

Ireland's GDP growth was a remarkable 13.6% in 2021, with a total GDP of $504.18 billion that year.

The annual inflation rate in Ireland hit 2.4% in 2021.

The Irish pound has a long history dating back to the first millennium C.E. and was assimilated into the British Pound after the Act of Union in 1800.

The government didn't prioritize creating a new currency until 1927, when the Irish pound was pegged to British sterling at parity.

The Irish pound was pegged to the British Pound at a 1:1 rate until 1979, even after Ireland declared its independence in 1948.

Ireland's participation in the European exchange rate mechanism (ERM) in 1978 paved the way for the country's eventual adoption of the euro.

The value of the Irish pound was fixed at thirteen Irish to twelve sterling for most of the eighteenth century.

The Bank of Ireland's notes were initially convertible into gold or Bank of England notes, but this convertibility was suspended in 1797, leading to the depreciation of Irish notes.

Decimalisation was a gradual process that began in the 1950s with the Report of the Metric System and Decimal Coinage Committee.

The British government's decision to decimalise its currency led the Irish government to follow suit, with the Decimal Currency Act 1969 replacing the traditional shilling and penny with a centesimal subdivision.

The new "new penny" coin, or "pingin nua" in Irish, had the symbol "p".

The pound itself was not revalued by this act, so banknotes remained unaffected.

The 10/- note was replaced by a 50p coin due to spiralling inflation.

New coins were issued of the same dimensions and materials as the corresponding new British coins.

The new 5p coin correlated with the shilling coin, and the new 10p coin correlated with the florin coin.

The Irish Decimal Currency Board, created on 12 June 1968, oversaw the changeover and provided information to the public.

A pamphlet called Everyone's Guide to Decimal Currency helped people prepare for the change.

The changeover occurred on Decimal Day, 15 February 1971.

The Irish pound, also known as the punt Éireannach, had a strong link with the British pound, which was known as sterling. This link was established in 1927 when the Irish government pegged the Irish pound to British sterling at parity.

The Irish government held a full and liquid reserve of sterling and other foreign assets to back up the Irish pound. This reserve was used to buy back Irish pound notes on a one-for-one basis.

The one-for-one link between the Irish pound and sterling was maintained even after Ireland declared its independence in 1948. The link was only broken in 1979, when the Irish government formally introduced an exchange rate.

Ireland's participation in the European Exchange Rate Mechanism (ERM) in 1978 was a key factor in breaking the link with sterling. The ERM allowed the Irish government to float the Irish pound on the free market.

The creation of the Currency Centre at Sandyford in 1978 marked a significant shift in Ireland's currency management, as it allowed for the production of banknotes and coinage within the state. Before this, banknotes were printed by specialist commercial printers in England, and coins were struck by the British Royal Mint.

The sterling link provided a discipline to government policy, but it also had its drawbacks. For example, it may have inhibited Irish exporters from breaking into more dynamic markets in Europe and elsewhere.

The Irish pound was the official legal tender of Ireland until 2002 before the country adopted the euro.

The Central Bank of Ireland, also known as Banc Ceannais na hÉireann in Irish, issued and managed the Irish pound. The bank still functions today and is responsible for producing euro banknotes and coins.

Ireland was one of the earliest countries to adopt the euro, joining on January 1, 1999. The value of the Irish pound was fixed to the euro at the rate of 0.787564 Irish pounds, about £1.27 per euro.

For three years, the euro existed only as a virtual currency for bookkeeping purposes, called a numeraire. It wasn't until January 2002 that the circulation of euro banknotes and coins began in Ireland.

As of April 29, 2023, the Irish pound was equal to 1.26 euros. The Irish pound was also known as the punt Éireannach in Irish.

In 1986, the Single European Act was signed, setting the stage for a free economic market without trade barriers in Europe. A single, unifying currency was seen as a logical complement to this borderless market.

The Irish pound's value fluctuated, but it was eventually fixed to the euro at a rate that has remained relatively stable. Business owners even displayed two parallel prices on their goods for sale in the early years following the adoption of the euro.

Here's a brief timeline of the Irish pound's transition to the euro:

Irish currencies have been collected and used for centuries, with a rich history behind each coin and banknote.

The Irish pound was the official currency of Ireland from 1928 to 2002, and it's still a popular collectible today.

Collectors can find Irish pounds in various denominations, from 1p to £1, each with its own unique design and features.

Some Irish pounds are highly valuable due to their rarity or condition, making them a prized possession for collectors.

The Irish pound was eventually replaced by the euro in 2002, but its legacy lives on in the hearts of collectors.

The euro was introduced in Ireland on January 1, 2002, and it's now the official currency of the country.

Collectors can still find euro coins and banknotes in circulation, each with its own unique design and features.

If you're interested in collecting Irish currencies, be sure to check your change regularly, as you never know what rare coins or banknotes you might find!