Since 2002, the currency of Ireland is the euro. The coins that circulate in this country depict the local state symbol. 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. 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. And the division of the new money was identical, as in the English currency. So, the Irish pound was equal to exactly 20 shillings. And 1 shilling equated to 12 pence.
Over time, the Irish pound fell in relation to 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, money was not minted on silver.
In 1823, the last Irish coins were issued. Then the banks began to print paper money. And Ireland did not have its own coins.
Only after gaining independence did the national currency of Ireland reappear. However, in the 1960s it was necessary to switch to the decimal 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 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.
When switching 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 fastest transition to the money of the European Union took place. And this is due to the fact that in Ireland a very competent information policy was organized on this topic. Booklets were handed out to the population, social advertising was launched on television, and special training was conducted.
As in all countries within the European Union, coins are minted in Ireland that have:
- One side is common to the EU.
- The second side is the national one (harp, exactly 12 stars, year of release of money and the inscription "Eire").
Currency of Northern Ireland
Despite the fact that Ireland has long switched to the euro, things are completely different in Northern Ireland. So, the local currency is the pound sterling, which is equal to 100 pence. Today in use there are banknotes of several denominations:
- 5 pounds;
- 100 pounds
- 10 pounds;
- 50 pounds;
- 20 pounds.
There are 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 in the European Union, all are calculated in euros. Arriving in Ireland, changing the currency is also not necessary. And in shops, and in museums, and restaurants will accept the euro. In institutions of the service sector, it is possible to pay by credit card. And if necessary, you can make a currency exchange at any bank. On the street at random passersby it is better not to do this. Otherwise, there is a likelihood of being deceived by scammers (they will make an exchange at an unfavorable rate for a tourist or issue false bills). Therefore, it is better to focus on official and large banking organizations in the country.