The Irish pound (IEP; Irish: punt Éireannach) was the currency of the Republic of Ireland from 1922 until 2002. It was subdivided into 100 pence (singular: penny; Irish: pingin). The Irish pound was pegged to the British pound sterling at par until 1979, when it was devalued by 10%. It was then devalued again by 5% in 1986 and by 8% in 1993. In 1999, the Irish pound was replaced by the euro as part of the European Monetary Union (EMU).
History
The Irish pound was introduced in 1922, replacing the British pound sterling. The new currency was pegged to the British pound at par, and the two currencies circulated interchangeably in Ireland. In 1938, the Irish pound was devalued by 10% against the British pound, following the devaluation of the British pound against the US dollar. The Irish pound was devalued again by 5% in 1949 and by 8% in 1967.
In 1979, the Irish pound was devalued by 10% against the British pound. This was the first time that the Irish pound had been devalued against the British pound since 1938. The devaluation was carried out in an effort to boost the Irish economy, which was struggling at the time.
In 1986, the Irish pound was devalued again by 5%. This devaluation was carried out in an effort to align the Irish pound with the other currencies of the European Economic Community (EEC).
In 1993, the Irish pound was devalued again by 8%. This devaluation was carried out in an effort to bring the Irish pound into line with the other currencies of the European Monetary System (EMS).
In 1999, the Irish pound was replaced by the euro as part of the European Monetary Union (EMU). The euro is the common currency of the 19 member states of the eurozone.
Coins
The first Irish pound coins were issued in 1922. The coins were minted in denominations of 1 penny, 3 pence, 6 pence, 1 shilling, 2 shillings, and 5 shillings. The 1 penny and 3 pence coins were made of bronze, the 6 pence and 1 shilling coins were made of nickel-brass, and the 2 shillings and 5 shillings coins were made of silver.
In 1928, the Irish government introduced a new series of coins. The new coins were minted in denominations of 1 penny, 3 pence, 6 pence, 1 shilling, 2 shillings, and 5 shillings. The 1 penny and 3 pence coins were made of bronze, the 6 pence and 1 shilling coins were made of nickel-brass, and the 2 shillings and 5 shillings coins were made of silver.
In 1949, the Irish government introduced a new series of coins. The new coins were minted in denominations of 1 penny, 3 pence, 6 pence, 1 shilling, 2 shillings, and 5 shillings.
