The Euro Currency
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Revised: October
2000
In 1971 Ireland changed its currency to Decimal Currency. From the older £-s-d the newer denominations made it much easier to grasp. No longer did we have to convert 240 pennies 20 shillings and 12 pence . Like the Metric system the unit of currency was based on 100 and 10. The new £ had 100 pennies.
27 years on we are on the throes of changing once again with other European Countries.
Ireland has seen many changes over the past century.
The Irish £ was similar to Sterling from the foundation of the STATE in 1922 until 1979 when it broke from Sterling and joined the ERM, or European exchange Mechanism.
At the Maastrict Treaty in 1992, the
EU set out three stages to a common currency by 1999 at the latest. 1993
brought financial ruin to the markets, but the EU maintaned faith in its
commitment to a single currency and now are on target, despite many
obstacles. Instead of the older name of the ECU it changed its name to the
"euro".
AGENDA:
On January 1st 1999 the outgoing currencies will be frozen at a fixed rate.
On January first 2002 the participating countries will have seven new notes and eight new coins.
Until February 2nd present notes and coins will be co-exixtent
with the "euro".
After that our present currency will no longer be legal tender.
It is estimated that 11 of the 15 EU countries will change to the"euro".
Euro notes will be in the following
denominations:
Notes =500, 200,100, 50, 20, 10 and 5 euros.
Coins= 1, 2 , 5, 10 , 20 , 50 euro cents and 1 and 2 euros
Todays rate would equate 500 euros equivalent to £375 approx.
January
1999 : Exchange rates have been struck as predicted.
The euro is equivalent to IR£0. 787564. This is an irrevocably fixed
conversion rate.
