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The state now called the Republic of Ireland decided in the mid-1920s to design its own coins and banknotes, at this stage it was decided that the Irish currency would be pegged 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".
See also: Coinage of the Republic of Ireland
Background
When the Irish Free State came into existance in 1922 three types of banknote were in circulation, these were issued by the Bank of England, British Treasury and the several Irish banks then in existance. Only British Treasury notes had legal tender status within the state. Banknote issue by several institutions at the time was a common feature of banking at the time in the British Isles. A banking commission was created in 1926 which had to determine what changes were neccessary 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 pound
Series A
Series B
Series C
The euro
See also
References and further reading
"The Design of Irish Banknotes", Central Bank of Ireland, Dublin, 1997.