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Members of the public redeemed more than \u20ac800,000 worth of old Irish punts this year.<\/p>\nMembers of the public redeemed more than \u20ac800,000 worth of old Irish punts this year.<\/p>\n
Irish punt banknotes and coins were withdrawn in February 2002 but it is still possible for them to be exchanged for euro at the Central Bank.<\/p>\n
Some \u20ac700,000 worth of banknotes were exchanged so far in 2019 while in excess of \u20ac100,000 worth of old coins were exchanged for euro.<\/p>\n
This is the lowest exchange amount made in the last five years.<\/p>\n
In 2015, close to \u20ac1.5 million in banknotes and \u20ac280,000 worth of old Irish punt coins were exchanged.<\/p>\n
\u201cThe exchange rate was fixed in 1999 when we joined the euro, so the conversion factor for the Irish pound is one euro = IR\u00a30.787564,\u201d a Central Bank spokesman said.<\/p>\n
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.<\/p>\n
The organization said at the time the service would continue indefinitely and a spokesman said they have no plans to end the service.<\/p>\n
Punters can still take their old punt notes and coins to the Central Bank of Ireland in Dublin either by registered post or by use of a drop-box facility.<\/p>\n
\u201cOnce received by the Central Bank\u2019s 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\u2019s nominated bank account,\u201d said the spokesman.<\/p>\n
During the height of the financial crisis in 2012, the re-introduction of punts was briefly considered by the then Government if the Republic of Ireland found itself outside the eurozone.<\/p>\n
Former deputy Irish premier Eamon Gilmore wrote in his book Inside the Room: The Untold Story of Ireland\u2019s Crisis Government: \u201cI remember one particular crisis meeting that we had \u2026 where the Governor of the Central Bank was present. We talked about what would we need to do to re-launch the punt. How quickly could it be printed.\u201d<\/p>\n