Note: This currency has been replaced by the Euro.
Overview
The Irish Punt (in Irish Gaelic, Punt Éireannach) was the currency of the Republic of Ireland until December 31, 2008. It was first introduced in the Middle Ages in 997. Until the 1970s, the Punt (or Pound) was typically fixed to the English Pound, later the Great Britain Pound.
The punt was replaced by the Euro on January 1, 2009 at a rate of IR£ 0.787564 = 1 Euro.
Economy
Perhaps due to a shortage of coal and iron resources, Ireland did not develop an industrial base in the 18th century like England or other industrialized countries.
The Irish economy was transformed during the 1980s from an agricultural to a modern knowledge economy focused on high technology industries and services. High-tech multinational companies such as Intel and Microsoft took advantage of its skilled, English-speaking workforce.
In the 1990s, Ireland became known as the Celtic Tiger, with unbridled economic growth fuelled by a dramatic rise in consumer spending, construction and investment.
Economic growth slowed during 2007, and led to a major property bubble burst. Since their 2007 peak, average house prices had fallen 47% as of 2012. Falling property prices contributed to an ongoing Irish banking crisis, which required draconian austerity measures after the government took on the debt of failed loans to stabilize its banking system.
Ireland achieved moderate growth in 2011, although the euro-zone debt crisis has slowed recovery.
History
The first Irish Punt was introduced in 997. Initially equivalent to the British Pound, its value degraded over time.
The value of the Irish Punt was fixed to the British Pound from 1180 to 1460, then again in 1701 at 13 Irish pounds to 12 Pounds Sterling.
In 1801, Ireland was fully united with Great Britain to form the United Kingdom of Great Britain and Ireland. The last Irish copper pennies and halfpennies were minted in 1823. A distinct Irish pound existed until January 1826, when it was replaced by the British Pound.
A new Irish Pound known as the Saorstát Pound ("Free State pound") was introduced in 1928, although monetary union with British Pound Sterling was maintained. The currencies stayed roughly pegged, even after Ireland was declared a sovereign state in 1937, until the 1970s when Ireland joined the European Monetary System and Britain did not.
In the 1960s, Ireland decimalized its coins along with Great Britain. The coins for the two currencies stayed the same size and denominations until 1986, when Ireland introduced new coins completely different in size, shape and composition.
The Irish Punt was replaced by the Euro on January 1, 2009.
