The Currency Commission was created by the Currency Act, 1927 (Section 14) as part of the policy 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...

 to create the 'Saorstát pound'. The Currency Commission commissioned the Series A Banknotes

Series A Banknotes (Ireland)

The Series A Banknotes were introduced by the Irish Free State in 1928 and were the first banknotes created by and for the state; the series continued to be issued when the Free State became the Republic of Ireland...

, through the advice of an advisory commission. The Chairman of the Currency Commission was Joseph Brennan

Joseph Brennan (civil servant)

Joseph Brennan was a senior Irish civil servant born in Bandon, County Cork, Ireland on 18 November 1887.In 1909 he entered Christ Church, Cambridge where he studied mathematics and then switched to classics. In successive years he obtained a first in Latin and Greek...

.

On the adoption of the Constitution of Ireland

Constitution of Ireland

The Constitution of Ireland is the fundamental law of the Irish state. The constitution falls broadly within the liberal democratic tradition. It establishes an independent state based on a system of representative democracy and guarantees certain fundamental rights, along with a popularly elected...

 in 1937 the Currency Commission of the Irish Free State became the Currency Commission of Ireland. In 1942 the Currency Commission was superseded by the Central Bank of Ireland.