The return of the Irish punt
17th May 2012
The old Irish punt remains out of tender but the currency is seeing a revival in one Ulster town.
The Irish punt, replaced by the euro in 2002, is being revived in a town in Ulster. Following rumours at the end of 2011 that the Irish Central Bank was printing punts in case of a eurozone break-up, more than 40 businesses in the town of Clones in the Republic of Ireland are accepting the old notes.
Although the punt is no longer legal tender, Dublin's Central Bank is still accepting notes and coins, which can be exchanged for euros. While Irish shops are being forced to close and the country is swamped by recession, the local Embrace the Punt campaign is seeing an unprecedented success.
With more than 300m euros worth of punts still unaccounted for in Ireland, the idea to revive the currency has sent people delving into old piggy banks and down the back of sofas. Participating businesses take payment in punt and supply 'change' in the form of vouchers that can be used in the town.
The scheme, set up by Clones shopkeeper Tony Morgan, was the idea of his son: “He heard about a Spanish fishing village which brought back the peseta and it seemed like a good idea. It is getting people into the town that have never set foot here before. And we are getting euro spend too."
The Irish Central Bank maintains that it is not printing punts, but the success of this Ulster scheme is proving a boost not only to the local economy but spirits too.
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