Irish Punt Exchanges Rise, Prompting Central Bank to Tighten Scrutiny

Dublin, Ireland – March 5, 2026 – The Central Bank of Ireland has reported a surprising increase in the exchange of old Irish punt banknotes and coins, with over €1.2 million traded in the past two years. This resurgence in punt exchanges has prompted the bank to strengthen its verification processes for larger transactions, focusing on source of funds and proof of ownership.

Punt Exchange Volume Increases

Contrary to expectations, the volume of punt exchanges actually rose in 2025. Approximately €665,000 worth of transactions occurred last year, compared to €572,000 in 2024 – a 16% increase according to RTÉ. This trend suggests that significant amounts of the pre-euro currency remain in circulation, often discovered decades after the euro’s introduction.

Large Transactions Under Scrutiny

The Central Bank has implemented stricter checks for exchanges exceeding IR£750 (approximately €953). This is to combat potential money laundering or other illicit activities, as some individuals have attempted to exchange substantial sums. During 2024 and 2025, one person exchanged £36,866 (equivalent to €46,810), while another exchanged £30,360. Four additional individuals sought to trade in over £20,000 worth of old notes as reported by the Irish Examiner. In total, 14 transactions exceeded £10,000, each resulting in a euro payout of at least €12,700.

Breakdown of Exchanges: Banknotes and Coins

The exchanges aren’t limited to banknotes. In 2025, €554,950 was exchanged in old banknotes, while €110,397 came in the form of coins according to the Irish Examiner. In 2024, the proportion was even higher, with €142,834 in coins and €429,421 in banknotes being exchanged.

Where are the Punts Coming From?

The Central Bank believes many of these transactions involve funds discovered in attics, the homes of deceased relatives, old safes, or forgotten business holdings as noted by News USA Today.

Exchange Process and Availability

The Central Bank continues to offer an exchange service for old Irish banknotes and coins. Appointments are now required to drop off currency at the Central Bank’s Head Office in North Wall Quay, Dublin as detailed on the Central Bank of Ireland website. Same-day value is not available. Exchanges are refused only if notes have been intentionally damaged, if a criminal offense is suspected, or in cases of counterfeiting. Submitting less than half a banknote without evidence of the remainder’s destruction will also result in a declined exchange.

No Plans to End the Service

Despite the euro being in circulation for nearly 25 years, the Central Bank has no current plans to discontinue the punt exchange service, recognizing its importance to the public according to the Central Bank of Ireland.