Irish pound introduced UK versions. When the UK 5p and 10p coins were reduced in size, the Irish followed suit, but the new Irish 10p was smaller than the new UK version introduced in 1992 and the new Irish 5p was slightly larger than the UK version introduced in 1990. The Irish 50p was never reduced in size (as it had been in the UK in 1997). 31 December 1998, the exchange rates between the European Currency Unit and the Irish pound and 10 other EMS currencies (all but the pound sterling, the Swedish krona and the Danish krone) were fixed. The
Pound sterling Later, in 1966, the British government decided to include in the Queen's Speech a plan to convert the pound into a decimal currency. As a result of this, on 15 February 1971, the UK decimalised the pound sterling, replacing the shilling and penny with a single subdivision, the new penny. For example, a price tag of £1 12s 6d became . The word "new" was omitted from coins minted after 1981. With the breakdown of the Bretton Woods system, the pound floated from August 1971 onwards. At first it appreciated a little, rising to almost $2.65 in March 1972 from