The currency system of the Irish Free State

Abstract

At the time of the establishment of the Irish Free State the only effective currency of full legal tender existing in the country was the British currency note. Gold coin of the United Kingdom, although of full legal tender, had then ceased to be in effective circulation and the subsidiary British coin had, of course, only a limited legal tender. The main circulation of the country consisted of the notes of the Irish banks issued under the Bankers (Ireland) Act, 1845, and such notes were not legal tender, although notes of the Bank of Ireland were entitled to be accepted for payment of State revenue.