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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 who were chartered to issue notes. Only British Treasury notes had legal tender status within the state. Banknote issue by several institutions was a common feature of banking at the time in the British Isles.
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 that their would be the creation of a currency for the state but that this 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.
The pound
Series A: 1928-1977
Main article: Series A Banknotes of the Republic of Ireland
This series of notes called "Series A" was devised by the Currency Commission. 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 £100. Each note has a portrait of an Irish colleen, believed to be Lady Lavery wife of the artist Sir John Lavery, who was commissioned to design this feature.
The predominate theme on the notes are the rivers of Ireland which are depicted as heads taken from the Custom House, Dublin. Whilst their was some uncertainty as to which rivers were depicted it is agreed that rivers in the Irish Free State and northern Ireland were choosen. 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, and additional changes were made when the commission was superceeded with the Central Bank of Ireland in 1943.
Series B: 1976-1993
Main article: Series B Banknotes of the Republic of Ireland
This series of notes called "Series B" was commissioned by the Central Bank of Ireland and were designed and issued 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 and 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 choosen 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.
Series C: 1992-2000
Main article: Series C Banknotes of the Republic of Ireland
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 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.
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, which might of been considered controversial.
The euro
Main article: Euro banknotes
The Central Bank of Ireland, as an agent of the European Central Bank, produces euro banknotes at its Currency Centre in Sandyford Industrial Estate, Dublin. The notes produced at the centre does not include the full series of euro notes and the central bank imports those notes it requires from other countries.
References and further reading
"The Design of Irish Banknotes", Central Bank of Ireland, Dublin, 1997.