Irish pound The number of pence in the Irish pound was redefined from 240 to 100, with the penny symbol changing from "d" to "p". The pound itself was not revalued by this act and therefore pound banknotes were unaffected, although the 10 shilling note was replaced by the 50p coin. The new 5 pence coin correlated with the old 1 shilling coin, and the new 10 pence coin correlated with the old 2 shilling coin. New coins were issued of the same dimensions and materials as the corresponding new British coins. The Decimal Currency Act, 1970 made additional provisions for the
Irish pound changeover not related with the issue of coins. Decimalisation was overseen by the "Irish Decimal Currency Board", created on 12 June 1968. It provided changeover information to the public including a pamphlet called "Everyone's Guide to Decimal Currency". The changeover occurred on Decimal Day, 15 February 1971. In the 1970s, the European Monetary System was introduced. Ireland decided to join it in 1978, while the United Kingdom stayed out. The European Exchange Rate Mechanism finally broke the one-for-one link that existed between the Irish pound and the pound sterling; by 30 March 1979 an exchange rate was introduced. This period