Time to write off all those ‘missing’ punts

Twelve years ago, Ireland changed over from the punt to the euro. Today, the Central Bank continues to exchange old punts for euro (at face value).

At the end of 2003, the total value of all uncashed punt bank notes was about £275m.

That figure has declined logarithmically every year since then. Current estimates put the total value at about £232m. It seems strange that, on average, each citizen still seems to be hoarding about 50 old punts.