"We know that people find old Irish banknotes and coins all the time, so the exchange of old money is an important service we provide to the public. We have a standard procedure in place to assist people, and we also have increased checks for exchanges above €750 to ensure source of funds and proof of ownership."
"During 2024 and 2025, one person swapped over a cool €36,866 in punts, which was worth the equivalent of €46,810. Another person exchanged €30,360 while four others sought to trade in more than €20,000 worth of old notes, according to figures released under Freedom of Information."
"For 2025, there were around €665,000 worth of transactions compared with €572,000 in 2024, an increase of around 16pc. It's understood that many of the transactions relate to sums of money found in attics, the homes of deceased relatives, old safes, or forgotten business holdings."
The Central Bank has tightened verification procedures for exchanging old Irish punts and coins worth more than €750, requiring proof of fund sources and ownership. Exchange activity increased unexpectedly in 2025, with approximately €665,000 in transactions compared to €572,000 in 2024, representing a 16% increase. During 2024-2025, several individuals exchanged substantial amounts, including one person converting €46,810 and others trading tens of thousands of euros in old currency. Of 2025 exchanges, €554,950 involved banknotes and €110,397 involved coins. The Central Bank confirmed that many transactions stem from money discovered in attics, deceased relatives' homes, old safes, or forgotten business holdings. The service remains available for damaged notes, with refusals only occurring for intentionally damaged currency.
#currency-exchange #central-bank-regulations #anti-money-laundering #old-irish-punts #financial-verification
Read at Irish Independent
Unable to calculate read time
Collection
[
|
...
]