Five years after they ceased to be legal tender, Irish pounds are still arriving by the bagload in the Central Bank to be exchanged for euros.
The pound went out of official circulation at midnight on this day in 2002, six weeks after the largely trouble- free introduction of the euro. However, the bank undertook to continue changing the old currency for euros indefinitely.
Even today, an average of 50 people a day make the journey to the bank's headquarters on Dame Street in Dublin to change their old notes and coins. No commission or fee is charged.
In spite of the heavy take-up of its service both before and after the changeover, the bank estimates that £297.9 million (€378.3 million) in old money is still out there to be changed. Some £100 million of this is in coins.
The amount outstanding represents 8 per cent of pounds issued, but the bank believes most of the remaining cash will never be returned.
The amounts exchanged have been falling steadily over the years: from £27 million in 2003 to £10 million in 2004, £7 million in 2005 and £4.8 million last year. "Five years on from the end of circulation of Irish currency we continue to have a steady stream of people coming in to the Central Bank on Dame Street every day to exchange Irish notes and coins," said a bank spokesman.
"While the overall amounts are falling reasonably steadily, we expect the pattern to continue for some time to come and we are happy to continue to provide this service for an indefinite period."
The moneychangers include people from all parts of Ireland and a significant number of Irish people who make the trip while on a holiday home. Regular customers include charities and religious orders who receive donations of old Irish currency.
Every bag of crumpled fivers and mouldy pennies brings its own story, the bank has learned. Old clothes and handbags, not worn or used for some time, are the places most money has been recovered.
The building and renovation boom has also thrown up a significant number of finds. Notes have been found under floorboards when carpets were taken up, while one £50 note was found behind a strip of wallpaper when the owner was redecorating.
In Co Cavan, a person who bought a new house with a parcel of land came across a jar of banknotes in the garden. Meanwhile in Dublin, a person looking in a skip on a street saw something sticking out of a mattress, which turned out to be a significant number of old £20 notes.
Some of the cash is brought in in poor condition, having been unearthed from the fields. One bundle of notes was delivered covered in dirt, according to the bank.
The bank pays out cash on amounts up to €3,800, while larger sums are lodged to a bank account.
