Banknotes have been issued for use specifically in Northern Ireland since 1929, and are denominated in pounds sterling. They are legal currencies, but technically not legal tender anywhere (including Northern Ireland itself). This is not uncommon as most bank notes are not recognised as tender.[1] However, the banknotes are still widely accepted as currency by larger merchants and institutions elsewhere in the United Kingdom. Issuing banks have been granted legal rights to issue currency, and back the notes with deposits at the Bank of England.
The issuing of banknotes in Northern Ireland is regulated by the Currency and Bank Notes Act 1928, the Coinage Act 1971, Banknotes (Ireland) Act 1864 (c. 78), Banknotes (Ireland) Act 1920 (c. 24), Bankers (Ireland) Act 1845, Bankers (Northern Ireland) Act 1928 (c. 15), among others.
Pursuant to some of these statutes, His Majesty's Revenue and Customs (HMRC) publishes in the Belfast Gazette an account of "the Amount of Notes authorised by Law to be issued by the several Banks of Issue in Northern Ireland, and the Average Amount of Notes in Circulation, and of Bank of England Notes and Coin held"; see for example Issue 6800 published on 8 September 2006 at page 5874.[2]
On 27 February 2019, Ulster Bank and Bank of Ireland released new polymer £5 and £10 notes, while Danske Bank released new polymer £10 notes.
- ^ "Bank of England | Banknotes | More About Banknotes | Banknote FAQs". 3 December 2011. Archived from the original on 3 December 2011.
- ^ "The Gazette | Official Public Record". Archived from the original on 20 April 2010. Retrieved 8 September 2008.