€1.2m paid in Irish punt exchanges since 2024

Tightened checks are in place for the exchange of amounts worth over £750. File picture: Eamonn Keogh

Over €1.2m in old Irish punts were exchanged over the past two years as people continue to discover stashes of old notes and coins decades after the euro changeover.

The Central Bank said tightened checks are in place for the exchange of amounts worth over £750.

It said this was to ensure source of funds and proof of ownership as some people continue to swap out tens of thousands of euro worth of old banknotes.

During 2024 and 2025, one person swapped over a cool £36,866, the equivalent of €46,810.

Another person exchanged £30,360, while four others sought to trade in over £20,000 worth of old notes, according to figures released under the Freedom of Information Act.

In total, there were 14 transactions worth in excess of £10,000, each of which resulted in a euro payout of at least €12,700.

The Central Bank figures also showed that the volume of punt exchanges rose in 2025.

Last year, there were around €665,000 worth of transactions compared to €572,000 in 2024, an increase of around 16%.

It wasn’t just banknotes either that got swapped over.

Of the exchanges last year, €554,950 was in old banknotes while €110,397 was made up of coins.

It is understood that many of the transactions relate to sums of money found in attics, the homes of deceased relatives, old safes, or forgotten business holdings. File picture

For 2024, the proportion was even higher with €142,834 worth of coins swapped and €429,421 worth of banknotes.

It is understood that many of the transactions relate to sums of money found in attics, the homes of deceased relatives, old safes, or forgotten business holdings.

However, the Central Bank has confirmed stricter procedures are in place for transactions above a certain volume.

A spokesman said: “We know that people find old Irish banknotes and coins all the time, so the exchange of old money is an important service we provide to the public.

“We have a standard procedure in place to assist people, and we also have increased checks for exchanges above £750 to ensure source of funds and proof of ownership.” 

Notes on the Central Bank website said the service was available for damaged notes as well.

Exchanges are only refused where notes have been intentionally damaged, where a criminal offence is suspected, or in cases of counterfeiting.

Swaps can also be declined where somebody submits less than half a banknote without evidence the rest of it has been destroyed.

The Central Bank has also stated that it has no plans to cease the service even though the euro has been in physical circulation for nearly 25 years.