Currency of Ireland: from pound to euro

Since 2002, the currency of Ireland is the euro. On coins that are circulating in this country, a local state symbol is depicted. And until 2002, the Irish pound was considered national money here. Why has the currency of Ireland changed so much? For a long time the country did not have its own money at all. They did not appear until 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 1 pound sterling. Yes, and the division of new money was identical, as with the English currency. So, 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 unsuccessful. 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, on silver, money was not minted.

In 1823, the last Irish coins were issued. Further banks began to print already paper money. And Ireland did not have own coins.

Only with the attainment of independence has the national currency of Ireland reappeared. However, in the 1960s it was necessary to switch to a decimal system. Accordingly, 1 pound was 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 entire money supply. Until now, Irish coins and banknotes that were issued after 1928 can be exchanged for euros. Only does it the Central Bank of the country, located in Dublin.

With the transition to the euro, the currency of Ireland was exchanged, based on the rate of 1 euro + 0.7876 pounds. It was in this country that the most rapid transition to EU money occurred. And this is due to the fact that a very competent information policy on this topic was organized in Ireland. The population was given out booklets, on television they launched social advertising, conducted special training.

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

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

Currency of Northern Ireland

Despite the fact that Ireland has long switched to the euro, in Northern Ireland the situation is quite different. So, the local currency is a pound sterling, which is equal to 100 pence. Today in everyday life there are banknotes of several denominations:

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

There are also coins:

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

The fact is that historically Northern Ireland is part of the UK. Accordingly, the currency of Ireland does not go there.

Traveling around the European Union, everyone calculates the euro. Arriving in Ireland, there is no need to change the currency either. And in the shops, and in museums, and in restaurants will take the euro. In institutions of the service sector, you can pay by credit card. And if necessary, make a currency exchange can be in any bank. On the street, casual passers-by do not do this. Otherwise, there is a probability of being deceived by swindlers (they will make an exchange at a rate unprofitable for a tourist or issue fake banknotes). Therefore, it is better to focus on the official and large banking organizations in the country.