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Cash Savvy Irish People Still Exchanging Old Pound Coins and Notes for Euro

Started by Bimat, January 19, 2017, 10:20:49 AM

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Cash savvy members of the public exchange €1.3m worth of old Irish punts

MEMBERS OF THE public redeemed close to €1.3 million worth of "old money" last year.

Irish punt banknotes and coins were withdrawn at midnight on 9 February 2002. However, it's still possible for Irish banknotes and coins to be exchanged for euro at the Central Bank.

While €1.3 million worth of banknotes were exchanged in 2016, over €194,000 worth of old Irish coins were exchanged for euro.

This is the lowest exchange amount made in the last six years. In 2015, the public redeemed €1.35 million in notes, and over €213,000 in coins.

In 2014, close to €1.5 million in banknotes and €283,150 was swapped.

Despite the fact that it has not been legal tender for almost 15 years, there is still over a quarter of a billion euro worth of punts lying about in drawers and jars across Ireland.

The Central Bank states that as of 31 December 2016, there is still €227,125,638.68 of old banknotes missing. There is €123,741,177.34 in old coins unaccounted for.

So, what do you do if you find some old tender?

The Central Bank has provided an exchange facility for those who wish to change Irish banknotes and coins into euro since the introduction of the new currency in January 2002. The organisation said at the time that the service would continue "indefinitely".

If you happen to find some old coins or notes down the sofa you can bring them to the Central Bank of Ireland in Dublin either by post or by use of a drop-box facility.

The bank will exchange up to IR£3,000 per transaction.

Once received by the Central Bank's Currency Issue Division, the notes/coin will be verified and the euro equivalent reimbursed to the customer by way of electronic transfer to the customer's nominated bank account.

So, get searching.

Source: The Journal
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