Ireland's Central Bank will continue to exchange old Irish money for Euro "indefinitely"

Ireland’s Central Bank has revealed that approximately €350 million of old Irish money has yet to be exchanged for Euro.

Read More: A guide to valuing all your old Irish coins

The Irish Times reports that a total of €347,404,127 in old Irish notes and coins still remain unaccounted for; €224,389,631.19 in old Irish banknotes and €123,014,496.65 in coins.

The Irish Times reports separately that in 2019, more than €800,000 worth of old Irish punts were redeemed, the lowest amount in five years. €700,000 worth of banknotes were exchanged so far in 2019 while in excess of €100,000 worth of old coins were exchanged for euro.

In 2002, Ireland officially scrapped the Irish punt and transferred over to the Euro. That year, about 90 percent of old Irish money had been exchanged to Euro.

Read More: Do you still have old Irish coins? $270.4m worth is unaccounted for

Exchanging Irish punts for Euro

A spokesperson for Ireland’s Central Bank told the Irish Times: “Once received by the Central Bank’s 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’s nominated bank account.”

“The exchange rate was fixed in 1999 when we joined the euro, so the conversion factor for the Irish pound is one euro = IR£0.787564.”

£1 can be exchanged for €1.269738.

Ireland’s Central Bank will continue to accept punt exchanges “indefinitely.”

You can learn more about exchanging old Irish money into Euro on the Central Bank website here.

Do you have plans to exchange your old Irish money for Euro? Let us know in the comments