They might be more than a decade out of date, but Irish people are still cashing in their old banknotes and coins.
The Central Bank has reported that €1.6 million worth of old currency was exchanged last year. This represents a slight increase on the value of Irish pounds exchanged in 2014. However, the annual amounts exchanged have generally been falling year-on-year over the past decade.
Although Irish pound notes and coins ceased to be legal tender in February 2002, they are still accepted by the Central Bank and, once verified, exchanged for their euro equivalent.
The bank said that €1.4 million (IR£1.1 million) worth of notes and €200,000 in coins were returned last year.
Since 2003 the Central Bank has twice had to increase the size of its fund to cater for people cashing in their Irish pound notes and coins. Over the period a total of €71.5 million has been exchanged. The Central Bank has set aside a further €9.5 million to cover any future returns.
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Estimates suggest that €325 million worth of the old notes and coins are still in the hands of individuals.
A Central Bank spokeswoman said that there was still a steady level of exchange.
“Many people are still finding money under mattresses and behind wallpaper. Often it arises in association with the death of a relative,” she said.
“There are also foreign tourists returning to Ireland and Irish people coming back from abroad who are bringing the older notes and coins with them.”
Money is exchanged at the Central Bank headquarters in Dublin with amounts up to the value of IR£100 exchanged for euro on the same day.
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For any sum greater than IR£100, people must provide photographic ID and a nominated bank account into which the euro equivalent will be paid. A postal facility is also available.
The spokeswoman said that the question of setting a date after which Irish pound notes and coins would no longer be redeemed was kept under review by the Central Bank, although no change was expected in the short term.
In 2015 the Central Bank issued 313 million bank notes, down 4 per cent on the previous year when 326 million notes were supplied to the market. A total of 53 per cent of notes last year were new.
The Central Bank produced 31 million coins last year and put 115 million coins into circulation — a 55 per cent decrease on 2014 figures. The reduction was largely due to the decision to reduce the number of low denomination coins in circulation.
The Central Bank expressed satisfaction with the introduction of rounding, which began last June and was designed to reduce the use of one and two cent coins. Rounding applies to the change given in shops where a bill is either rounded up or down to the nearest five cent.
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It is estimated that 60 to 70 per cent of all cash transactions in retail outlets are now being rounded. However, one and two cent coins retain their legal status and the banking authorities will ensure such coins remain in sufficient supply.
The Central Bank said that consumer reaction was positive, with retailers reporting that the number of customers asking for their exact change was quite low.