Central Bank has swapped €2.9m worth of old currency in past four years

The Central Bank has swapped more than €2.9 million worth of old punts over the past four years, including more than €625,000 in coins.

All the largest exchanges last year were worth less than €10,000, according to records, with the highest transaction dealing with £7,724, or €9,808 in “new money”.

Figures for 2021 show how just over €400,000 — or £317,124 in punts — was exchanged in notes last year, two decades after the euro first came into circulation.

Remarkably, a further €163,000 — or £128,458 in old pound coins and other loose change — was also exchanged by the Central Bank in 2021.

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The figures were up more than a third compared with 2020 at the height of the Covid-19 pandemic, when about €415,000 in old pound bank notes and coins was exchanged.

However, the level of exchange was far higher in prior years such as 2018, when €1.13 million worth of punt were swapped out for euro.

That figure dropped to €839,423 in 2019 before its precipitous decline in 2020 when significant restrictions on movement were in place for large parts of the year to curb the spread of coronavirus.

A log of the 20 largest transactions from last year shows that most were relatively small, with all in the €4,100-€9,800 range.

Four exchanges of more than £7,000 in old punt took place, according to records released under Freedom of Information with three more swaps of £6,000-£7,000.

There were also four transactions of £5,000-£6,000 and four worth £4,000-£5,000, according to the records.

Five exchanges of £3,230-£3,965 rounded out the top 20 for 2021.

The Central Bank said that last year it had allowed exchange of damaged pound notes on 738 separate occasions, but with limits to how poor the condition of the currency could be.

There was just a single instance recorded in 2021 where the Central Bank declined an exchange due to the “severity of damage” to the notes involved.

Punts are exchanged at the fixed rate of £1 for €1.269738 based on the value at the time the euro came into circulation in January 2002.

Appointments must be made at the Central Bank with exchange of damaged currency — including euro notes — allowed even where notes may have been partially burnt, cut or are suffering from decomposition.

For values of more than €200, applicants need to provide a high-quality photocopy of an official identity document, while exchanges worth more than €1,000 require evidence of ownership and the source of the funds.

A health-and-safety assessment must be included where there is evidence of contamination of the money with blood, mould, sewage, drugs or other unknown substances.

The Central Bank said it could refuse applications where it believes genuine banknotes or coins have been deliberately damaged.

However, an information note said: “Banknotes that have brief written sentences, numbers or notes on them will be accepted for exchange.”

Exchanges are also refused when it’s believed a criminal offence has been committed, or in circumstances where the banknote is suspected of being counterfeit or altered.

The Central Bank said that when applications were refused, they would provide reasons why: “This may happen if you submit less than half of a ... banknote for exchange and do not provide evidence that the missing parts have been destroyed.”