{"id":595,"date":"2021-06-10T22:23:04","date_gmt":"2021-06-10T22:23:04","guid":{"rendered":"http:\/\/legalblog.ie\/?p=595"},"modified":"2021-06-11T22:40:03","modified_gmt":"2021-06-11T22:40:03","slug":"notes-coins","status":"publish","type":"post","link":"https:\/\/legalblog.ie\/notes-coins\/","title":{"rendered":"Notes &#038; Coins"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/legalblog.ie\/notes-coins\/#IFS_Coinage\" title=\"IFS Coinage\">IFS Coinage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/legalblog.ie\/notes-coins\/#Decimal_Currency\" title=\"Decimal Currency\">Decimal Currency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/legalblog.ie\/notes-coins\/#Currency\" title=\"Currency\">Currency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/legalblog.ie\/notes-coins\/#European_Monetary_Union\" title=\"European Monetary Union\">European Monetary Union<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"IFS_Coinage\"><\/span>IFS Coinage<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Coinage Act 1926 provided for the issue of Irish Free State coinage.\u00a0 This ultimately supplanted United Kingdom coinage. The Irish coinage remained of the same size and dimension as UK coins, and was exchangeable at par until 1979. \u00a0United Kingdom coins were widely accepted as currency until that date.<\/p>\n<p>The Act provided that the Minister for Finance might issue silver half crowns, florin and shillings, nickel sixpence and three pence, bronze pennies, half pennies and farthings of the standard weight and finesse set out in the legislation.\u00a0 The coins issued were declared to be the exclusive coin or money of the Free State.\u00a0 The making or issue of any coins in contravention of the legislation was made an offence. Copyright in coins is vested in the Minister for Finance.<\/p>\n<p>A tender of money in silver or bronze coins, issued under the act or in British coins was legal tender.\u00a0 This applied to silver coins up to 40 shillings and bronze coins up to 1 shilling.\u00a0 Payment of money in nickel coins was legal tender for payments up to 5 shillings. In this context, British coins meant silver or bronze coins issued under the Coinage acts in the United Kingdom or in Great Britain. Provision was made for Ministerial Order prescribing a date after which British coins would no longer be legal tender.<\/p>\n<p>Contracts, sales, bills, instruments, notes, and transactions relating to money or involving liability made after the Act, were to be made and entered in accordance with coins and legal tender under the legislation, unless the same related to something to be done or executed according to the currency of some other State.<\/p>\n<p>Coins issued under the Coinage Act 1926 provided for the impression of a harp and the inscription \u201cSaorstat Eireann\u201d.\u00a0 This was replaced by \u201c\u00c9ire\u201d in 1938.\u00a0 \u00a0The dimensions and design of coins were varied by Ministerial order from time to time.\u00a0 The Coinage Act, 1950 provided for new cupro-nickel and bronze coins. It provided for calling in of old coins and their replacement from time to time. It is an offence to melt down, break up or use coins other than as currency.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Decimal_Currency\"><\/span>Decimal Currency<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Decimal Currency Act, 1969 provided for the issue of decimal currency after 15<sup>th<\/sup> February 1971.\u00a0 It provided for a new penny which was to be a one-hundredth part of the Irish Pound.\u00a0 This replaced the historical divisions of pounds into twenty shillings, each of twelve pence. The Minister of Finance was empowered to provide cupronickel and bronze coins for the fifty new pence, ten new pence and five new pence coins.\u00a0 Bronze coins were provided for the two new pence, the new penny and the new half penny.<\/p>\n<p>The Minister was given power by regulations to prescribe the dimensions and design of the coins. Further provision was made for coins in lieu of cupronickel coins, which might be issued by Ministerial order, specifying the size, weight, composition etc.<\/p>\n<p>After 15<sup>th<\/sup> February 1971 the new decimal currency replaced the previous currency as legal tender. The tender in \u00a0coins other than bronze coins, each of which had a denomination of more than ten new pence was legal tender up to ten pounds.\u00a0 A tender in coins other than bronze coins, each of which has a denomination of not more than ten new pence was legal tender for up to five pounds.\u00a0 A tender of money in \u00a0bronze coins was legal tender up to twenty pence.<\/p>\n<p>Provision was made for calling in, redemption and melting of the pre-existing currency.\u00a0 It remained an offence to melt coins. Coins of denomination of a florin (2 shillings) and a shilling respectively were deemed to have the denomination of ten new pence at 5 new pence.\u00a0 Coins having a denomination of fifty pence were legal tender for amounts up to ten pounds.<\/p>\n<p>The Decimal Currency Act 1970 made provision for conversion of references of shillings and pence to the new decimal currency.\u00a0 It provided for conversion of bank balances and for change in periodical payment obligations.\u00a0 Generally, references in statutes to the pre-decimal currency were deemed to refer to the new currency.\u00a0 The Minister was given supplementary power by statutory instrument, to make further specific provision as required.<\/p>\n<p>Provision was made for stock denominated under the old currency.\u00a0 Generally, it was provided that references to the old currency were to refer to the new currency in instruments, contracts, wills, documents etc.\u00a0 Provision was made for conversion of amounts which involved some element of rounding.<\/p>\n<p>Subsequent orders made prior to European monetary union provided for modification by way of smaller size of the ten pence piece, the five pence piece and the fifty pence piece. In 1990, provision was made for the issue of a one pound coin. Provision was later made for the issue of\u00a0 twenty pence coins.\u00a0 Provision was also made for a number of commemorative coins.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Currency\"><\/span>Currency<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Currency Act 1927 provided for the establishment of a Currency Commission, the precursor of the Central Bank.\u00a0 It made provision for the issue of gold coinage and the issue of currency notes having a legal tender quality.\u00a0 It terminated the issue of bank notes by individual banks and substituted the issue of bank notes by a central Currency Commission.<\/p>\n<p>The legislation originally provided for the conversion of gold bullion into coins at a specified rate.\u00a0 The legislation defined the standards for gold coins. The legislation provided that the standard unit of value in the Free State should be the Irish Free State pound, to be in the form of a gold coin of a specified standard of gold.<\/p>\n<p>References to the sovereign were to be interpreted as a reference to the Irish Free State pound.\u00a0 The dimensions, design and specification of the coinage was specified, with power for the Minister to vary the same.\u00a0 Other gold coins or tokens were prohibited.\u00a0 No other gold or mixed metal was to be issued as a coin or money token.<\/p>\n<p>Contracts, sales and transactions were to be made by reference to the Irish Free State coins and notes.<\/p>\n<p>The Currency Commission (later the Irish Central Bank) was given the power to issue legal tender notes in the denominations, ten shillings, one pound, five pounds, ten pounds, twenty pounds, fifty pounds, and one hundred pounds.\u00a0 Such notes were to be the currency in the Irish Free State, in the same manner, and extent as a gold coin issued under the act. The size, form and design of legal tender notes was provided for. References in existing legislation were adopted to refer to the new currency.<\/p>\n<p>Provision was originally made for the delivery of gold bullion of a size and fineness or gold coins including Saorstat gold coins in return for the issue of legal tender notes of a specified amount. Provision was made for the convertibility of British legal tender into equivalent notes of new Irish legal tender. Provision was made for the issue of legal tender notes in exchange for gold coins or British money.\u00a0 Subject to certain conditions and quantity, provision was made for the calling in and re-issue of legal tender notes.<\/p>\n<p>Provision was made for the conversion of Irish pounds into the legal tender of Great Britain for an unlimited amount.\u00a0 This provided for full convertibility into sterling. Monies required for the redemption of legal tender notes by the Commission, whether in London or Dublin, were to be provided by the Commission out of the legal tender fund or ultimately from the Central Fund of the Irish Free State.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"European_Monetary_Union\"><\/span>European Monetary Union<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Economic and Monetary Union Act 1998 provided for the conversion to the Euro. The conversion rate, at which the Irish pound was converted into Euro was established in accordance with a procedure laid down in EU law.<\/p>\n<p>The Council Regulation, directly applicable in all States, provided for the direct effect of the Euro, on a Eurozone wide basis.\u00a0 See the separate section in this regard.<\/p>\n<p>The legislation provided for a transitional period from 1<sup>st<\/sup> January 1999 to 31<sup>st<\/sup> December 2001.\u00a0 During this period, the currency union existed and the Euro currencies were irrevocably locked to each other at their set Euro rate.\u00a0 However, during the latter part of the transitional euro period, dual pricing was commonly employed.\u00a0 The conversion to Euro took place on 1<sup>st<\/sup> January 2002. Legal tender status was withdrawn from Irish notes and coins from 30<sup>th<\/sup>\u00a0 June 2002 (or such amended date as might be specified).<\/p>\n<p>The currency of the State as provided by EU Regulation, is the Euro.\u00a0 The Irish Pound unit was (temporarily) a subdivision of the Euro. During the transitional period, contracts could be entered and executed in Euro, notwithstanding the fact that Euro notes and coins were not then in circulation.<\/p>\n<p>No person other than the Central Bank itself is obliged to accept more than 50 coins denominated in Euro or in Cent in any single transaction.<\/p>\n<p>The Minister for Finance is granted power to provide coins denominated in Euro or in Cent, as he might provide by order.\u00a0 The technical specifications, dimensions, composition and design of the coins is provided, subject to the requirements of the Council Directive. Coins are issued by the Minister through the Central Bank, subject to the approval of the European Central Bank as to the volume of issue.<\/p>\n<p>Except coins duly made under the Act or previous Acts, no piece of metal or mixed metal of any purported nominal face value may be made or purported to be made as a token for money or coin or purporting that the holder is entitled to demand any value denoted thereon.<\/p>\n<p>The proceeds of issue of coins denominated in Euro or Cents are paid into the general fund of the Central Bank of Ireland and are held to the credit of the Currency Reserve. The legislation provided for the calling in of all older coins. The Central Bank was entitled to redeem other older coins and Euro coins. The sums required for that purpose as paid into the general fund of the Central Bank and debited to the Currency Reserve.<\/p>\n<p>The offence of melting down coins is restated in respect of the Euro. Provision was made for the calling in of existing Irish currency notes. The copyright of the European Central Bank in legal tender notes was recognised.<\/p>\n<p>Any reference to Irish Pound units in statutes or statutory instruments passed prior to 1<sup>st<\/sup> January 2002 is deemed to be modified and to refer to the corresponding amount in Euro in accordance with the set conversion rate.<\/p>\n<p>The Minister was empowered by order to re-denominate all outstanding debt issued by the State or State bodies into Euro.\u00a0 Consequential provision was made in respect of bonds and debt instruments thereby affected.<\/p>\n<p>The share capital of companies was deemed to be re-denominated into euro with rounding.\u00a0 A shorter form procedure was provided to facilitate the re-denomination of share capital into Euro.\u00a0 The provisions were available only until 30<sup>th<\/sup> June 2003.<\/p>\n<p>There is provision for the issue of commemorative coins of such denomination, specifications and dimensions as the Minister may determine.\u00a0 They may be sold by the State to the Central Bank.\u00a0 The price is determined by the State.\u00a0 It must not be below the face value.\u00a0 Commemorative coins are legal tender.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-595\" data-postid=\"595\" class=\"themify_builder_content themify_builder_content-595 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>IFS Coinage The Coinage Act 1926 provided for the issue of Irish Free State coinage.\u00a0 This ultimately supplanted United Kingdom coinage. The Irish coinage remained of the same size and dimension as UK coins, and was exchangeable at par until 1979. \u00a0United Kingdom coins were widely accepted as currency until that date. The Act provided [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/595"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=595"}],"version-history":[{"count":3,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/595\/revisions"}],"predecessor-version":[{"id":598,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/595\/revisions\/598"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}