Traditional Irish Punts Continue to Surface, Exceeding €1.2 Million in Exchanges

More than €1.2 million in old Irish punts has been exchanged over the past two years, as individuals continue to discover forgotten stashes of banknotes and coins decades after the introduction of the euro. The Central Bank of Ireland reports a surprising increase in these exchanges, even as the currency has been obsolete for over two decades.

Rising Exchange Volume

Contrary to expectations, the volume of punt exchanges increased in 2025. Approximately €665,000 worth of transactions occurred in 2025, a 16% rise compared to the €572,000 exchanged in 2024. RTÉ reports that this trend suggests a continued uncovering of previously hidden funds.

Significant Individual Exchanges

Recent exchanges have included substantial amounts. In 2024 and 2025, one individual exchanged £36,866 (equivalent to €46,810), while another exchanged £30,360. Four additional individuals traded in over £20,000 worth of old notes each. In total, 14 transactions exceeded £10,000, each resulting in a euro payout of at least €12,700.

Breakdown of Exchanges: Banknotes vs. Coins

The exchanges aren’t limited to banknotes. In 2025, €554,950 was exchanged in banknotes, while €110,397 was in coins. In 2024, the proportion was €429,421 in banknotes and €142,834 in coins.

Where are these Punts Coming From?

The Central Bank believes many of these transactions originate from funds discovered in attics, the possessions of deceased relatives, old safes, or forgotten business holdings.

Increased Scrutiny for Larger Amounts

The Central Bank has implemented stricter checks for exchanges exceeding IR£750 to verify the source of funds and proof of ownership. This measure aims to prevent illicit activity related to the exchange of large sums of old currency.

Central Bank Continues the Service

Despite the euro’s nearly 25 years in circulation, the Central Bank has no plans to discontinue the exchange service. The bank acknowledges that people continue to find old Irish banknotes and coins and provides a standard procedure for assistance, with enhanced checks for larger transactions. Exchanges are refused only in cases of intentional damage, suspected criminal activity, or counterfeiting.

Historical Exchange Data

Since 2015, a total of £7.05 million in Irish punt banknotes and coins have been exchanged for €8.96 million, based on an exchange rate of IR£1 = €1.269. The Irish Times reports that the exchange of punts reached a low of £326,746 in 2020 during the Covid-19 pandemic.