Another milestone in the euro conversion process, from midnight the punt will no longer be accepted as legal tender.
The dual circulation period in the euro conversion process comes to an end at midnight on 9 February 2002. From then on, shops and businesses are no longer obliged to take Irish punts for goods and services. It is thought the items will remain priced in the two currencies for a number of weeks.
To mark the end of the changeover, at a ceremony in Dublin, Central Bank governor Maurice O'Connell presents the bank's portrait of Lady Lavery to National Gallery of Ireland director Raymond Keaveney. This portrait painted by the artist John Lavery, has appeared on every Irish bank note since 1928, most recently as the watermark on all notes.
Irish people have embraced the euro and the Central Bank reports it has already received 79% of the old currency. The average take in other euro zone countries is 65%. Chairperson of the Euro Changeover Board Philip Hamell, praises the Irish public who,
Took this new currency on very quickly, changed it over and made it, as I say, one of the best in Europe.
The Central Bank will convert punts to euro for an indefinite period but Maurice O’Connell advises the public to bring their punts in as quickly as possible. The punts are shredded, converted into briquettes and end life as landfill.
An RTÉ News report broadcast on 9 February 2002. The reporter is Aoife Kavanagh.
