Banknotes of the Republic of Ireland: Difference between revisions

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[[Image:Punt - Series B - Ireland.png|thumb|350px|[[Medb]], the legendary [[Kings of Connacht|Queen of Connacht]], whose infidelity and violence were also legendary, was chosen for the [[Irish pound]] banknote for "Series B" introduced in [[1976 in Ireland|1976]] and withdrawn in [[1993 in Ireland|1993]].]]

''{{See also: [[|Coinage of the Republic of Ireland]]''}}

The state now called the [[Republic of Ireland]] decided in the mid-[[1920s]] to design its own [[coin]]s and [[banknote]]s, at this stage it was decided that the Irish currency would be pegged to the [[Pound Sterling]]. The [http://www.irishstatutebook.ie/1927_32.html Currency Act, 1927] was passed as a basis for the creation of banknotes and the creation of the "Saorstát pound" (later the "[[Irish pound]]") as the "[[currency|standard unit of value]]" and the [[legal tender]] notes issued under this act commenced circulation on [[September 10]] [[1928]].

{{Use Irish English|date=April 2013}}

{{Use dmy dates|date=July 2020}}

The state[[Irish nowFree calledState]], thesubsequently known as [[Republic of Ireland|Ireland]], decidedresolved in the mid-[[1920s]] to design its own [[coin]]s and [[banknote]]s,. atUpon thisissuing stagethe itnew was decided thatcurrency, the IrishFree currencyState would begovernment pegged its value to the [[Poundpound Sterlingsterling]]. The [http://www.irishstatutebook.ie/1927_32eli/1927/act/32/enacted/en/print.html Currency Act, 1927] was passed as a basis for the creation ofcreating banknotes and the creation of the "Saorstát pound" (later the "[[Irish pound]]") as the "[[currency|standard unit of value.]]" and theThe [[legal tender]] notes issued under this act commencedbegan circulationcirculating on [[10 September 10]] [[1928]].

''See also: [[Coinage of the Republic of Ireland]]''

==Background==

{{see also|Banknotes of Ireland}}

When the [[Irish Free State]] came into existence in [[1922]], three categories of [[banknote]] were in circulation. These consisted of notes issued by the [[Bank of England]], the [[HM Treasury|British Treasury]], and six Irish banks then in existence whothat were [[charter]]ed to issue notes. Only British Treasury notes hadwere [[legal tender]] status within the state. The issuing of banknotes by multiple private institutions was an everyday aspect of banking in the [[BritishGreat IslesBritain]] and [[Ireland]] at the time and indeed remains so in [[Northern Ireland]] todayand [[Scotland]].

A banking commission was created in 1926, the ''Commission of Inquiry into Banking and the Issue of Notes'',<ref name="seanad1">{{cite web|title=Seanad Éireann - Volume 155 - 14&nbsp;May&nbsp;1998 Banking System: Statements |url=http://historical-debates.oireachtas.ie/S/0155/S.0155.199805140007.html |access-date=24 January 2008 |url-status=dead |archive-url=https://web.archive.org/web/20110607102300/http://historical-debates.oireachtas.ie/S/0155/S.0155.199805140007.html |archive-date= 7 June 2011 }}</ref> to determine what changes were necessary relating to banking and banknote issue in the new state. The commission was chaired by Professor [[Henry Parker Willis]]<ref>{{cite web|url=http://historical-debates.oireachtas.ie/D/0020/D.0020.192707010005.html |title=Dáil Éireann - Volume 20 - 01&nbsp;July&nbsp;1927 CURRENCY BILL, 1927—SECOND STAGE |access-date=24 January 2008 |url-status=dead |archive-url=https://web.archive.org/web/20050915230435/http://historical-debates.oireachtas.ie/D/0020/D.0020.192707010005.html |archive-date=15 September 2005}}</ref> of [[Columbia University]] who was Director of Research of the [[Federal Reserve Board]] in the [[United States]]. The commission's [[terms of reference]] were:

When the [[Irish Free State]] came into existence in [[1922]] three categories of [[banknote]] were in circulation. These consisted of notes issued by the [[Bank of England]], the [[HM Treasury|British Treasury]] and six Irish banks then in existence who were [[charter]]ed to issue notes. Only British Treasury notes had [[legal tender]] status within the state. The issuing of banknotes by multiple private institutions was an everyday aspect of banking in the [[British Isles]] at the time and indeed remains so in [[Northern Ireland]] today.

{{quote|''"To consider and to report to the [[Minister for Finance (Ireland)|Minister for Finance]] what changes, if any, in the law relative to banking and note issue are necessary or desirable, regard being had to the altered circumstances arising from the establishment of [[Irish Free State|Saorstát Éireann]]."''}}

A banking commission was created in [[1926]] to determine what changes were necessary in relation to banking and banknote issue in the new state. The commission was chaired by Professor [[Henry Parker-Willis]] of [[Columbia University]] who was Director of Research of the [[Federal Reserve Board]] in the [[United States]]. The commission recommended the creation of a currency for the state, but one that would be directly backed and fixed to the [[pound sterling]] in the [[United Kingdom]] on a one-for-one basis. This new currency, the "Saorstát pound", was overseen by the politically independent Currency Commission created by the Currency Act, 1927. As a result of the backing by the pound sterling the notes of the Commission could be presented at the Bank of England, [[London]] and exchanged with the pound sterling, without charge or commission, on a one-for-one basis.

A banking commission was created in [[1926]] to determine what changes were necessary in relation to banking and banknote issue in the new state. The commission's was chaired by Professor [[Henry Parker-Willis]]report of [[ColumbiaJanuary University]] who was Director of Research of the [[Federal Reserve Board]] in the [[United States]]. The commission1927 recommended the creation ofcreating a currency for the state, but one that would be directly backed and fixed to the [[pound sterling]] in the [[United Kingdom]] on a one-for-one basis.<ref name="seanad1"/> This new currency, the "Saorstát pound"," was overseen by the politically independent [[Currency Commission (Ireland)|Currency Commission]] created by the Currency Act, 1927. AsBecause athe resultnotes of the backingcommission were backed by the pound sterling, the notes of the Commissionthey could be presented at the BankLondon Agency of England,the [[London]]Currency Commission and exchanged with the pound sterling, without charge or commission, on a one-for-one basis.

==The pound==

A second banking commission, the ''Commission of Inquiry into Banking, Currency and Credit'', was created in November 1934 to inquire into creating a [[central bank]]. The majority report of August 1938 recommended creating a central bank with enhanced powers and functions. This resulted in the creation of the [[Central Bank of Ireland]], but it would take three decades before the bank would have all the rights and functions associated with a central bank.

Before the advent of the euro three series of notes were issued which held legal tender status; these are generally referred to as "Series A", "Series B" and "Series C" respectively. A series of notes, the "Consolidated Banknotes" were issued but were never legal tender.

As per the usual convention for banknote issue, banknotes are and were issued in the name of the Currency Commission or Central Bank existing at printing.

===Series A: 1928-1977===

==The pound==

''Main article: [[Series A Banknotes of the Republic of Ireland]]''

Before the advent of the [[euro]], three series of legal tender notes were issued which held legal tender status; these are generally referred to as "Series A"," "Series B," and "Series C," respectively. A series of notes, known as the "Consolidated Banknotes" were issued but were nevernot legal tender.

The initial series of notes, called "Series A", was devised by the Currency Commission, these notes were printed by Waterlow and Sons, Limited, London which was acquired by [[De La Rue]]. The commission created an advisory committee which determined the theme and design of the notes. Notes were in the denominations of 10/-, £1, £5, £10, £20, £50, and £100. Each note has a portrait of an Irish colleen, believed to be [[Lady Lavery]] &ndash; wife of the artist [[Sir]] [[John Lavery]], who was commissioned to design this feature.

The predominant theme on the notes is the [[rivers of Ireland]], which are depicted as heads taken from [[the Custom House]], [[Dublin]]. Whilst there was some uncertainty as to which rivers were depicted, it is agreed that rivers in the [[Irish Free State]] and [[Northern Ireland]] were chosen. Each note also contains a watermark of the [[Head of Erin]].

A number of changes were made to the notes when the [[Irish Free State]] changed its name in accordance with the [[Constitution of Ireland]] in [[1937]]. Additional changes were made when the Commission was superseded by the [[Central Bank of Ireland]] in 1943. Banknotes produced during the Second World War were overprinted with different letters so that particular batches could be identified and removed from circulation if they were lost in transit between the printers in Britain and Dublin. Notes issued on and from 1961 no longer beared the promise of exchange in London.

===Series B: 1976-1993===

===1928–1977: Series A banknotes===

''Main article: [[Series B Banknotes of the Republic of Ireland]]''

{{main|Series A banknotes|l1=Series A Banknotes}}

The initialCurrency seriesCommission ofdevised notes, calledthe "Series A", was devised by the Currency Commission, these notes. They were printed by [[Waterlow and Sons]], Limited, London which was acquired by [[De La Rue]]. The commission created an advisory committee whichthat determined the theme and design of the notes. Notes were in the denominations of 10/-, £1, £5, £10, £20, £50, and £100. Each note has a portrait of an Irish colleen, believed to be [[Lady Lavery]], &ndash;the wife of the artist [[Sir]] [[John Lavery]], who was commissioned to design this feature. The original oil on canvas painting of Lady Lavery, titled ''Portrait of Lady Lavery as Kathleen Ni Houlihan'' (1927), is displayed at the [[National Gallery of Ireland]] on loan from the [[Central Bank of Ireland]].<ref>[http://onlinecollection.nationalgallery.ie/objects/11919/portrait-of-lady-lavery-as-kathleen-ni-houlihan; Portrait of Lady Lavery at the National Gallery of Ireland]</ref>

The predominant theme on the reverse of the notes is the [[rivers of Ireland]], which are depicted as heads taken from [[the Custom House]], [[Dublin]]. WhilstRivers there was some uncertainty as to which rivers werein depicted, it is agreed that rivers inboth the [[Irish Free State]] and [[Northern Ireland]] were chosen. Each note also contains a watermark of the [[Head of Erin]].<ref name=CBI_A>Central Bank of Ireland, Historical Banknotes: [https://www.centralbank.ie/consumer-hub/notes-and-coins/historical-banknotes/1920s---1970s Series A (1928 - 1975 / 77) “The Lady Lavery Series”]</ref>

This series of notes called "Series B" was commissioned by the Central Bank of Ireland and were designed and brought into circulation between [[1976]] and [[1982]]. Servicon, an Irish design company, was employed to design the notes of the denominations; £1, £5, £10, £20, £50 and £100. The £100 note was never issued or circulated. This remains somewhat of an idiosyncrasy in the issue of Irish banknotes as this is the only series without a note of this denomination.

===1929–1953: Consolidated banknotes===

The theme chosen for these notes was [[history of Ireland]], and each note featured the portrait of a person with this theme in mind from a particular era from historic to modern. The Lady Lavery portrait, from Series A, was retained but this time as a watermark.

{{see also|Ploughman series}}

This series of banknotes were never legal tender. notesThey but essentiallywere equivalent to "[[promissory note]]s" that continue to be issued by some banks in the [[United Kingdom]]. These notesNotes were issued as a transitional measure for the eight banks ("Shareholding Banks" of the Currency Commission);: [[Bank of Ireland]], [[Hibernian Bank Limited]], [[Munster & Leinster Bank Limited]], [[National Bank Limited(Ireland)|National Bank]], [[Northern Bank Limited]], [[Provincial Bank of Ireland Limited]], [[Royal Bank of Ireland Limited]], and [[Ulster Bank Limited]]. These notes were first issued, first, between [[6 May 6]] and [[June 10]] ofJune [[1929]] under the arrangement that the banks withdraw previous notes they issued and refrainedrefrain from issue ofissuing further notes. The consolidated notes were only issued by the Currency Commission. and theThe last notes were printed in 1941,. theThe notes were officially withdrawn on [[31 December 31]], [[1953]].

EachThe notefront containedof theeach commonnote design ofdepicted a man ploughing in a field with two horses. on the front and theyThey are often referred to as the "Ploughman Notes." because of this, the main differences were the name of the bank and its authorising signature. The notes' denominations, and the back designs were; £1 ([[The Custom House|Custom House]], [[Dublin]]), £5 (St. Patrick's Bridge, [[Cork (city)|Cork]]), £10 (Currency Commission Building, Foster Place, Dublin), £20 ([[Rock of Cashel]], [[County Tipperary]]), £50 ([[Croagh Patrick]], [[County Mayo]]), and £100 ([[Killiney Bay]], [[County Dublin]]). The name of the issuing Shareholding Bank also varied, along with the corresponding authorising signature.

===Series C: 1992-2001===

===1976–1993: Series B banknotes===

''Main article: [[Series C Banknotes of the Republic of Ireland]]''

{{main|Series B banknotes|l1=Series B Banknotes}}

ThisThe seriesCentral Bank of notesIreland calledcommissioned the "Series B" wasnotes. commissioned by the Central Bank of Ireland andThey were designed and brought into circulation between [[1976]] and [[1982]]. Servicon, an Irish design company, was employed to designdesigned the notes of the denominations; £1, £5, £10, £20, £50, and £100 denominations. The £100 note was never issued or circulated. This remainsis somewhatthe ofonly an idiosyncrasy in the issueseries of Irish banknotes as this is the only series without a note of this denomination.

The theme of these notes was the [[history of Ireland]]. Each note featured the portrait of a historical figure. The Lady Lavery portrait, from Series A, was retained as a watermark.<ref name=CBI_B>Central Bank of Ireland, Historical Banknotes: [https://www.centralbank.ie/consumer-hub/notes-and-coins/historical-banknotes/1970s---1990s Series B (1976/82 - 1989/ 93)]</ref>

This series of notes called "Series C" was the outcome of a limited competition held in 1991 in which nine [[List of Irish artists|Irish artists]] were invited. The winner and designer of the series was [[Robert Ballagh]]. This series of notes had denominations of £5, £10, £20, £50 and £100, no [[Irish pound]] note was designed as the currency had a [[coin]] of this value since [[1990 in Ireland|1990]]. This series was introduced at short notice, with the £20 being the first to be issued, following widespread forgery of the Series B £20 note.The last banknote of the Series C issue was a 50 Pounds that was issued in 2001.

===1992–2001: Series C banknotes===

The theme for this series was people who contributed to the formation of a modern [[Ireland]], and to this effect it includes politicians, a language, literary and religious figure. The political figures do not include anyone directly associated with the [[Irish War of Independence]] (which eventually lead to the creation of the [[Irish Free State]]) as this might have proved controversial, & would have caused a lot of offence to the significant Protestant minority.

{{main|Series C banknotes|l1=Series C Banknotes}}

This series of notes called "Series C" was the outcome of a limited competition, held in 1991, into which nine [[List of Irish artists|Irish artists]] were invited. The winner and designer of the series was [[Robert Ballagh]]. This series of notes had denominations of £5, £10, £20, £50 and £100,. noNo [[Irish pound]] note was designed asbecause the currency had a [[coin]] of this value since [[1990 in Ireland|1990]]. This series was introduced at short notice, with the £20 note being the first to be issued, following widespread forgery of the Series B £20 note. The last banknote of the Series C issue was a £50 Poundsnote that was issued in 2001.

The theme for this series was people who contributed to the formation of modern Ireland. To this effect, it includes politicians, a literary figure, and a religious figure. To avoid potential factional and sectarian issues with the notes only uncontroversial political figures were chosen.<ref name=CBI_C>Central Bank of Ireland, Historical Banknotes: [https://www.centralbank.ie/consumer-hub/notes-and-coins/historical-banknotes/1990s---2000s Series C (1992/96 – 2000)]</ref>

===Consolidated Banknotes: 1929-1953===

==The Euroeuro==

This series of banknotes were never legal tender notes but essentially equivalent to "[[promissory note]]s" that continue to be issued by some banks in the [[United Kingdom]]. These notes were issued as a transitional measure for eight banks ("Shareholding Banks" of the Currency Commission); Bank of Ireland, Hibernian Bank Limited, Munster & Leinster Bank Limited, National Bank Limited, Northern Bank Limited, Provincial Bank of Ireland Limited, Royal Bank of Ireland Limited and Ulster Bank Limited. These notes were issued, first, between [[May 6]] and [[June 10]] of [[1929]] under the arrangement that the banks withdraw previous notes they issued and refrained from issue of further notes. The consolidated notes were only issued by the Currency Commission and the last notes were printed in 1941, the notes were officially withdrawn on [[December 31]], [[1953]].

{{main|Euro banknotes}}

===Transition===

Each note contained the common design of a man ploughing in a field with two horses on the front and they are often referred to as the "Ploughman Notes" because of this, the main differences were the name of the bank and its authorising signature. The notes denominations, and the back designs were; £1 ([[The Custom House|Custom House]], [[Dublin]]), £5 (St. Patrick's Bridge, [[Cork]]), £10 (Currency Commission Building, Foster Place, Dublin), £20 ([[Rock of Cashel]], [[County Tipperary]]), £50 ([[Croagh Patrick]], [[County Mayo]]) and £100 ([[Killiney Bay]], [[County Dublin]]).

The euro became the currency of the [[eurozone]] countries, including Ireland, on 1 January 1999. As with all eurozone countries, Ireland continued to mint its own banknotes after the currency changeover to the euro. Previously issued Irish banknotes circulated concurrently with the newer Irish-minted euro denominated banknotes. On 1 January 2002 the eurozone countries, including Ireland, began to withdraw banknotes and coins denominated based on their earlier currencies, including the Irish pound, replacing them with euro [[:wiktionary:specie|specie]]. Irish pound banknotes ceased to be legal tender on 9 February 2002,<ref name="irishstatutebook.ie">{{cite web |url=http://www.irishstatutebook.ie/eli/2001/si/313/made/en/print |title=Irish Pound Notes and Coins (Cessation of Legal Tender Status) Order 2001 |access-date=11 September 2016}}</ref> although they are intended to be exchangeable indefinitely for euro at the [[Central Bank and Financial Services Authority of Ireland|Central Bank]].

On 31 December 2001, the total value of Irish banknotes in circulation was €4,343.8 million. The Irish cash changeover was one of the fastest in the eurozone, with some shops{{citation needed|date=August 2019}} illegally<ref name="irishstatutebook.ie"/> ceasing to accept pounds after the first week or two. With a conversion factor of 0.787564 Irish pounds to the euro, of the 15 national currencies originally tied to the euro (also including the currencies of [[Vatican City]], [[Monaco]] and [[San Marino]]<ref>{{Cite web |title=Vatacan |url=https://www.vatican.va/news_services/press/documentazione/documents/sp_ss_scv/euro/euro_en.html#VATICAN |access-date=2024-11-24 |website=www.vatican.va}}</ref>), the Irish pound was the only one whose conversion factor was less than 1, i.e. the unit of the national currency was worth more than one euro. 56%, by value, of Irish banknotes were withdrawn from circulation within two weeks of the introduction of euro and 83.4% by the time they ceased to have legal tender status.

==The Euro==

===Generally===

''Main article: [[Euro banknotes]]''

The [[Central Bank of Ireland]], as an agency of the [[European Central Bank]], produces [[Euroeuro banknotes]] at its [[Currency Centre]] in [[Sandyford Industrial Estate]], [[Dublin]].

Generally centralCentral banks in the Eurozone provide banknotes of one specific denomination each year, according to demand and a rotating allocation (determined by the ECB). Prior toBefore the introduction of the euro in [[2002]], national banks produced several of the lower denominations to build up stockpiles. Since 2002, however, the Central Bank of Ireland has only printed €10 notes, [[as of 2005]]. Although notes produced in other Eurozone states circulate alongside domestically produced notes, the country of origin for any Euroeuro banknote can be identified by a one-letter prefix precedingto the serial number. Banknotes producedissued in Ireland can be identified byuse the prefix "T.".

The [[Central Bank of Ireland]], as an agency of the [[European Central Bank]], produces [[Euro banknotes]] at its [[Currency Centre]] in [[Sandyford Industrial Estate]], [[Dublin]].

A further complication is that the actual printing ofPrinting banknotes is not necessarily undertaken in the country in which banknotes are given a serial number and released. The Central Bank of Ireland is the sole Irish printer of Euroeuro banknotes. (inIn some other Eurozone countries, notes are printed by a private company commissioned to do so by the central bank, rather than by the central bank itself).) Any notes printed by the Central Bank of Ireland will have the prefix "K" before the series code in a small star on the front of the banknote. The decision to continue printing a comparatively small number of euro notes in [[Dublin]], when those notes could be printed much more cheaply on existing presses elsewhere, benefiting from [[economies of scale]], has been described as a "colossal waste of money".<ref>{{cite news|url=http://www.independent.ie/business/central-banks-mantra-appears-to-be-do-as-we-say-not-as-we-do-3085528.html |title=Central Bank's mantra appears to be: do as we say, not as we do – Business |work=The Irish Independent |date=18 November 2010 |access-date=21 April 2012}}</ref>

Generally central banks in the Eurozone provide banknotes of one specific denomination each year, according to demand and a rotating allocation (determined by the ECB). Prior to the introduction of the euro in [[2002]], national banks produced several of the lower denominations to build up stockpiles. Since 2002 however, the Central Bank of Ireland has only printed €10 notes, [[as of 2005]]. Although notes produced in other Eurozone states circulate alongside domestically produced notes, the country of origin for any Euro banknote can be identified by a one-letter prefix preceding the serial number. Banknotes produced in Ireland can be identified by the prefix "T".

The Central Bank of Ireland does not currently introduce €200 and €500 notes into circulation, although thesethey are legal tender in the country. If spent (by people coming from anotherother Eurozone member statestates), they are unlikely to be passed to other consumers, and will find their way back to the banks (which usually only dispense notes up to €100).

A further complication is that the actual printing of banknotes is not necessarily undertaken in the country in which banknotes are given a serial number and released. The Central Bank of Ireland is the sole Irish printer of Euro banknotes (in some other Eurozone countries, notes are printed by a private company commissioned to do so by the central bank, rather than the central bank itself). Any notes printed by the Central Bank of Ireland will have the prefix "K" before the series code in a small star on the front of the banknote.

==References and further reading==

The Central Bank of Ireland does not currently introduce €200 and €500 notes into circulation, although these are legal tender in the country. If spent (by people coming from another Eurozone member state) they are unlikely to be passed to other consumers, and will find their way back to the banks (which usually only dispense notes up to €100).

*''"The Design of Irish Banknotes", Central Bank of Ireland, Dublin, 1997.''

*''"Previous Banknotes of Ireland: The C Series", Central Bank of Ireland, Dublin, 2003.''

{{reflist}}

==External links==

==References and further reading==

{{commons}}

''"The Design of Irish Banknotes", Central Bank of Ireland, Dublin, 1997.''

*[http://www.irishpapermoney.com Irishpapermoney.com]

*[https://web.archive.org/web/20051103083631/http://users.uc.iupui.edu/rjwise1/countries/ireland_republic.html Ron Wise's World Paper Money - Ireland]

{{Irish currency and coinage}}

{{IrishNotes}}

{{Portal bar|Ireland|Money|Numismatics|Republic of Ireland}}

[[Category{{DEFAULTSORT:CurrencyBanknotes of the Republic of Ireland]][[Category:Numismatics]]}}

''Main article: [[Series A BanknotesCategory:Currencies of the Republic of Ireland]]''

[[Category:Currencies by country]]