The Currency System of the Irish Free State

G. A. Duncan

The Quarterly Journal of Economics, 1928, vol. 42, issue 2, 263-277

Abstract: The Coinage Act, 1926 and the Currency Act, 1927 dissolve the currency union of Great Britain and the Irish Free State, 264. — The Free State pound, its new unit of value, made equal in weight and fineness to the pound sterling, 266. — A Currency Commission, created for the management of the currency, 267. — The circulating media are to be: (1) A token coinage preserving the British denominations, 264; (2) Consolidated bank-notes, with a maximum issue of (£6,000,000 for the present) 268; (3) Legal tender notes, to be issued by the Commission to purchasers who tender an equal nominal amount of British currency or London funds, 272. — The system is that of a gold exchange standard, with no alteration in control of banking and credit, 275.

Date: 1928
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