Redeeming old Irish coins, notes continues
- Published: Jun 19, 2022, 10 AM
Withdrawn Irish coins and bank notes, replaced by the euro more than 20 years ago, continue to trickle in to the Central Bank of Ireland.
According to the bank’s 2021 annual report published May 30, some €163,000 ($169,711 U.S.) worth of old Irish pounds and pence coins were redeemed in 2021, up some 33% from the year before.
In addition, €400,000 ($416,182 U.S.) in old paper money was redeemed, the report said, noting that the redemption still left some €223.7 million ($232.91 million U.S.) worth of old paper money still eligible for turning into euros. However, the annual report indicates an expected liability of only €4 million ($4,164,600 U.S.), suggesting bank officials expect most outstanding notes will remain unredeemed.
Irish pounds used before the euro can be redeemed at the Central Bank of Ireland at a fixed exchange rate of £1 to €1.269738.
Rules for redemption
To redeem old coins and notes, one must submit an application and schedule an appointment, and sort out coins from notes. No more than 10 kilograms of coins can be deposited at one time, and certain requirements are in effect depending on face value.
Full details of the program are published on a page at the bank’s website, www.centralbank.ie/consumer-hub/notes-and-coins/exchange-of-notes-and-coins.
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