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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 categories of banknote were in circulation. These consisted of notes issued by the Bank of England, the British Treasury and several Irish banks then in existance who were chartered 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 the British Isles at the time (and remains so in Northern Ireland today).
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 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 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
The initial 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, and £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 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 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 in 1937. Additional changes were made when the Commission was superceded by 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 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 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. 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 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) as this might have proved 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.
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 denomations to build up stockpiles. Since 2002 however, the Central Bank of Ireland has only printed €10 notes, as of 2005. 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 produced in Ireland can be identified by the prefix "T".
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).
References and further reading
"The Design of Irish Banknotes", Central Bank of Ireland, Dublin, 1997.