Banknotes of the Republic of Ireland
Encyclopedia
The Irish Free State
, subsequently known as Ireland
, resolved in the mid-1920s to design its own coin
s and banknote
s; at the time of the currency's first issue, the Free State government decided to peg its value to the pound sterling
. The 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 "standard unit of value
" and the legal tender
notes issued under this act commenced circulation on 10 September 1928.
came into existence in 1922, three categories of banknote
were in circulation. These consisted of notes issued by the Bank of England
, the 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 Great Britain
and Ireland
at the time and indeed remains so in Northern Ireland
and Scotland
today.
A banking commission was created in 1926, the Commission of Inquiry into Banking and the Issue of Notes, 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 was given a terms of reference:
The commissions report of January 1927 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 London Agency of the Currency Commission, London
and exchanged with the pound sterling, without charge or commission, on a one-for-one basis.
A second banking commission was created in November 1934, the Commission of Inquiry into Banking, Currency and Credit, to inquire into the creation of a central bank
among other things. The majority report of August 1938 recommended for the creation of 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.
As the usual convention for banknote issue banknotes are and were issued in the name of the Currency Commission or Central Bank as existed at the time of print.
, 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 a woman, believed to be Lady Lavery – 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 both the Irish Free State
and Northern Ireland
were chosen. Each note also contains a watermark of the Head of Erin.
s" that continue to be issued by some banks in the United Kingdom
. Notes were issued as a transitional measure for the eight "Shareholding Banks" of the Currency Commission: Bank of Ireland
, Hibernian Bank, Munster & Leinster Bank, National Bank, Northern Bank
, Provincial Bank of Ireland, Royal Bank of Ireland, and Ulster Bank
. These notes were issued, first, between 6 May and 10 June 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 31 December 1953.
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 notes denominations, and the back designs were; £1 (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 name of the issuing Shareholding Bank also varied, along with the corresponding authorising signature.
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.
. 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. 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 that was issued in 2001.
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, a literary and a religious figure. The political figures do not include anyone directly associated with the Irish War of Independence
, which eventually led to the creation of the Irish Free State
, as this might have proved controversial both because of the war itself and its aftermath, the Irish Civil War
.
, produces euro banknotes
at its Currency Centre
in Sandyford Industrial Estate, Dublin.
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, . 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 issued in Ireland can be identified by the prefix "T" on the serial number.
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.
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).
Irish Free State
The Irish Free State was the state established as a Dominion on 6 December 1922 under the Anglo-Irish Treaty, signed by the British government and Irish representatives exactly twelve months beforehand...
, subsequently known as Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
, resolved in the mid-1920s to design its own coin
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
s and banknote
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s; at the time of the currency's first issue, the Free State government decided to peg its value to the pound sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
. The Currency Act, 1927 was passed as a basis for the creation of banknotes and the creation of the "Saorstát pound" (later the "Irish pound
Irish pound
The Irish pound was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the usual notation was the prefix £...
") as the "standard unit of value
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
" and the legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
notes issued under this act commenced circulation on 10 September 1928.
Background
When the Irish Free StateIrish Free State
The Irish Free State was the state established as a Dominion on 6 December 1922 under the Anglo-Irish Treaty, signed by the British government and Irish representatives exactly twelve months beforehand...
came into existence in 1922, three categories of banknote
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
were in circulation. These consisted of notes issued by the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
, the British Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
and six Irish banks then in existence who were charter
Charter
A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified...
ed to issue notes. Only British Treasury notes had legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
status within the state. The issuing of banknotes by multiple private institutions was an everyday aspect of banking in Great Britain
Great Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...
and Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
at the time and indeed remains so in Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
and Scotland
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
today.
A banking commission was created in 1926, the Commission of Inquiry into Banking and the Issue of Notes, 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
Henry Parker Willis
Henry Parker Willis, Ph. D. was an American financial expert, born at Weymouth, Massachusetts, the son of Universalist minister and suffragist Olympia Brown. He graduated from the University of Chicago with a Ph.D in 1897....
of Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
who was Director of Research of the Federal Reserve Board in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. The commission was given a terms of reference:
- "To consider and to report to the Minister for FinanceMinister for Finance (Ireland)The Minister for Finance is the title held by the Irish government minister responsible for all financial and monetary matters. The office-holder controls the Department of Finance and is considered one of the most important members of the Government of Ireland.The current Minister for Finance is...
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 Saorstát Éireann."
The commissions report of January 1927 recommended the creation of a currency for the state, but one that would be directly backed and fixed to the pound sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
on a one-for-one basis. This new currency, the "Saorstát pound", was overseen by the politically independent Currency Commission
Currency Commission (Ireland)
The Currency Commission , was created by the as part of the policy of the Irish Free State to create the 'Saorstát pound'. The Currency Commission commissioned the Series A Banknotes, through the advice of an advisory 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 London Agency of the Currency Commission, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and exchanged with the pound sterling, without charge or commission, on a one-for-one basis.
A second banking commission was created in November 1934, the Commission of Inquiry into Banking, Currency and Credit, to inquire into the creation of a central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
among other things. The majority report of August 1938 recommended for the creation of 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.
As the usual convention for banknote issue banknotes are and were issued in the name of the Currency Commission or Central Bank as existed at the time of print.
The pound
Before the advent of the euro, three series of notes were issued that 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 not assigned the status of legal tender.1928–1977: Series A banknotes
The initial series of notes, called "Series A", was devised by the Currency Commission, these notes were printed by Waterlow and SonsWaterlow and Sons
The Waterlow and Sons Limited was a major worldwide engraver of currency, postage stamps, stocks and bond certificates established in 1897, in England.-Portuguese Bank Note Crisis:...
, Limited, London which was acquired by De La Rue
De La Rue
De La Rue plc is a British security printing, papermaking and cash handling systems company headquartered in Basingstoke, Hampshire. It also has a factory on the Team Valley Trading Estate, Gateshead, and other facilities at Loughton, Essex and Bathford, Somerset...
. 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 a woman, believed to be Lady Lavery – wife of the artist Sir
Sir
Sir is an honorific used as a title , or as a courtesy title to address a man without using his given or family name in many English speaking cultures...
John Lavery
John Lavery
Sir John Lavery was an Irish painter best known for his portraits.Belfast-born John Lavery attended the Haldane Academy, in Glasgow, in the 1870s and the Académie Julian in Paris in the early 1880s. He returned to Glasgow and was associated with the Glasgow School...
, who was commissioned to design this feature.
The predominant theme on the notes is the rivers of Ireland
Rivers of Ireland
The longest river in Ireland is the The longest river in [[Ireland]] is the The longest river in [[Ireland]] is the [[River Shannon, 386 km . The river develops into three lakes along its course, [[Lough Allen]], [[Lough Ree]] and [[Lough Derg |Lough Derg]]. Of these, Lough Derg is the...
, which are depicted as heads taken from the Custom House
The Custom House
The Custom House is a neoclassical 18th century building in Dublin, Ireland which houses the Department of the Environment, Heritage and Local Government...
, Dublin. Whilst there was some uncertainty as to which rivers were depicted, it is agreed that rivers in both the Irish Free State
Irish Free State
The Irish Free State was the state established as a Dominion on 6 December 1922 under the Anglo-Irish Treaty, signed by the British government and Irish representatives exactly twelve months beforehand...
and Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
were chosen. Each note also contains a watermark of the Head of Erin.
1929–1953: Consolidated banknotes
This series of banknotes were never legal tender notes but essentially equivalent to "promissory notePromissory note
A promissory note is a negotiable instrument, wherein one party makes an unconditional promise in writing to pay a determinate sum of money to the other , either at a fixed or determinable future time or on demand of the payee, under specific terms.Referred to as a note payable in accounting, or...
s" that continue to be issued by some banks in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. Notes were issued as a transitional measure for the eight "Shareholding Banks" of the Currency Commission: Bank of Ireland
Bank of Ireland
The Bank of Ireland is a commercial bank operation in Ireland, which is one of the 'Big Four' in both parts of the island.Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history...
, Hibernian Bank, Munster & Leinster Bank, National Bank, Northern Bank
Northern Bank
Northern Bank , is a commercial bank in Northern Ireland. It is one of the oldest banks in Ireland having been formed in 1809. Northern Bank is considered one of the leading retail banks in Northern Ireland with 82 branches and four finance centres...
, Provincial Bank of Ireland, Royal Bank of Ireland, and Ulster Bank
Ulster Bank
Ulster Bank is a large commercial bank, one of the Big Four in both Northern Ireland and the Republic of Ireland. The Ulster Bank Group is subdivided into two separate legal entities, Ulster Bank Limited and Ulster Bank Ireland Limited...
. These notes were issued, first, between 6 May and 10 June 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 31 December 1953.
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 notes denominations, and the back designs were; £1 (Custom House
The Custom House
The Custom House is a neoclassical 18th century building in Dublin, Ireland which houses the Department of the Environment, Heritage and Local Government...
, Dublin), £5 (St. Patrick's Bridge, Cork
Cork (city)
Cork is the second largest city in the Republic of Ireland and the island of Ireland's third most populous city. It is the principal city and administrative centre of County Cork and the largest city in the province of Munster. Cork has a population of 119,418, while the addition of the suburban...
), £10 (Currency Commission Building, Foster Place, Dublin), £20 (Rock of Cashel
Rock of Cashel
The Rock of Cashel , also known as Cashel of the Kings and St. Patrick's Rock, is a historic site in Ireland's province of Munster, located at Cashel, South Tipperary.-History:...
, County Tipperary
County Tipperary
County Tipperary is a county of Ireland. It is located in the province of Munster and is named after the town of Tipperary. The area of the county does not have a single local authority; local government is split between two authorities. In North Tipperary, part of the Mid-West Region, local...
), £50 (Croagh Patrick
Croagh Patrick
Croagh Patrick , nicknamed the Reek, is a tall mountain and an important site of pilgrimage in County Mayo, Republic of Ireland. It is from Westport, above the villages of Murrisk and Lecanvey. It is the third highest mountain in County Mayo after Mweelrea and Nephin. On "Reek Sunday", the last...
, County Mayo
County Mayo
County Mayo is a county in Ireland. It is located in the West Region and is also part of the province of Connacht. It is named after the village of Mayo, which is now generally known as Mayo Abbey. Mayo County Council is the local authority for the county. The population of the county is 130,552...
) and £100 (Killiney Bay, County Dublin
County Dublin
County Dublin is a county in Ireland. It is part of the Dublin Region and is also located in the province of Leinster. It is named after the city of Dublin which is the capital of Ireland. County Dublin was one of the first of the parts of Ireland to be shired by King John of England following the...
). The name of the issuing Shareholding Bank also varied, along with the corresponding authorising signature.
1976–1993: Series B banknotes
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.The theme chosen for these notes was history of Ireland
History of Ireland
The first known settlement in Ireland began around 8000 BC, when hunter-gatherers arrived from continental Europe, probably via a land bridge. Few archaeological traces remain of this group, but their descendants and later Neolithic arrivals, particularly from the Iberian Peninsula, were...
, 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.
1992–2001: Series C banknotes
This series of notes called "Series C" was the outcome of a limited competition held in 1991 in which nine Irish artists were invited. The winner and designer of the series was Robert BallaghRobert Ballagh
Robert "Bobby" Ballagh is an Irish artist, painter and designer. He was born in Dublin and studied at the Bolton Street College of Technology. His painting style was strongly influenced by pop art...
. This series of notes had denominations of £5, £10, £20, £50 and £100, no Irish pound
Irish pound
The Irish pound was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the usual notation was the prefix £...
note was designed as the currency had a coin
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
of this value since 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 that was issued in 2001.
The theme for this series was people who contributed to the formation of a modern Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
, and to this effect it includes politicians, a language, a literary and a religious figure. The political figures do not include anyone directly associated with the Irish War of Independence
Irish War of Independence
The Irish War of Independence , Anglo-Irish War, Black and Tan War, or Tan War was a guerrilla war mounted by the Irish Republican Army against the British government and its forces in Ireland. It began in January 1919, following the Irish Republic's declaration of independence. Both sides agreed...
, which eventually led to the creation of the Irish Free State
Irish Free State
The Irish Free State was the state established as a Dominion on 6 December 1922 under the Anglo-Irish Treaty, signed by the British government and Irish representatives exactly twelve months beforehand...
, as this might have proved controversial both because of the war itself and its aftermath, the Irish Civil War
Irish Civil War
The Irish Civil War was a conflict that accompanied the establishment of the Irish Free State as an entity independent from the United Kingdom within the British Empire....
.
The euro
The Central Bank of Ireland, as an agency of the European Central BankEuropean Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
, produces euro banknotes
Euro banknotes
Euro banknotes are the banknotes of the euro, the currency of the eurozone and have been in circulation since 2002. They are issued by the national central banks of the euro area or the European Central Bank...
at its Currency Centre
Currency Centre
The Currency Centre is the mint of coins and printer of banknotes for the Central Bank of Ireland, including the euro currency. The centre is located at Sandyford, Dublin, Ireland. The centre does not print the complete range of euro banknotes...
in Sandyford Industrial Estate, Dublin.
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, . 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 issued in Ireland can be identified by the prefix "T" on the serial number.
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.
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).