The island of Ireland uses two different currencies depending on where someone is or is visiting. The two currencies are the Euro and the Pound. The Republic of Ireland uses the Euro which is normally symbolized by € as its currency. On the other hand, the currency used in Northern Ireland is the Pound normally symbolized by £. Just as the US dollar is written as USD, the euro code in Ireland is EUR and the Northern Irish pound code is GBP. The currency is controlled by the Central Bank of Ireland which is located in the city of Dublin which is the largest and capital of Ireland.
There are several variations of the pound notes. The reason for this is that each bank in Northern Ireland is tasked with issuing their own notes. Despite these differences, the coins turned out to be similar regardless of the bank that downplayed them. When an individual crosses from the Republic of Ireland to Ireland or vice versa, they need to exchange their currency for an acceptable one. Foreign exchange can be done in shops, banks, petrol stations and exchange offices. The exchange is highly dependent on current exchange rates.
History of the euro and the pound sterling
The European Monetary Union introduced the euro in Ireland on January 1, 1999. Three years later, the euro became the primary currency used for day-to-day transactions by member states. Therefore, the Euro has replaced the pound in some areas such as the Republic of Ireland. However, six counties in Northern Ireland have kept the pound sterling as their currency. The counties were Tyrone, Antrim, Fermanagh, Down, Derry and Armagh.
Banknotes and numbers
One euro can be divided into 100 cents. Euro coins are in denominations of 50c, 20c, 10c, 5c, 2c, € 1 and € 2. On the other hand, banknotes in circulation are denominated in € 5, € 10 , € 20, € 50, € 100, € 200 and € 500. Euros can be purchased in ATM machines available in all cities, banks or currency offices. Higher denomination banknotes such as € 100, € 200 and € 500 are rarely accepted at the point of sale. The designs on the banknotes are symbolic and seek to promote Europe’s architectural heritage. The windows and doors on the face of each euro banknote are outward signs of the European Union’s commitment to openness and cooperation. There is a bridge on the back of each bill.
One British pound is made up of 100 pence. The banknotes currently used by the Irish are in denominations of £ 5, £ 10, £ 20, £ 50 and £ 100. On the other hand, the coins used are denominated in 50p, 20p, 10p, 5p, 2p, 1p, £ 1 and £ 2.
US dollar exchange rates
When Euro and Pound Sterling are traded, 1 EUR equals 1,129 USD while 1 GBP is equivalent to 1,278 USD. Therefore, the pound is more valuable than the euro. However, it is not as broad as the euro which is not only used in many other parts of Ireland but also by eurozone countries.
