“DOZENS OF BUSINESSES in the Monaghan town of Clones are accepting the old Irish punt in a bid to boost the local economy.
Though it was replaced by the euro ten years ago, there is around €360 million in outstanding Irish notes and coins still in existence around the country, according to figures from the Central Bank.
Now the idea of one shopkeeper in Clones has spawned into a whole campaign in the town with over 40 shops, pubs, and other businesses getting involved by accepting customers’ old punts and giving them back change in euro vouchers which can be spent in other businesses in the town.
“My son, Ciaran, saw a documentary on the BBC about a town in Spain that had done it with the pesata and had had phenomenal success,” Tony Morgan, the owner of Lipton’s shop, told TheJournal.ie yesterday.
“It grew from there, we said we’d try that in the shop and see how it goes and from the business point of view it’s been very positive. I would have been laughed at initially but but once it started working…”
Now as part of the Embrace the Punt campaign, the businesses offer an exchange rate of IR£1 = €1.20.
The old money is taken by Morgan down to Dublin every month who exchanges it for euro at the old Central Bank rate of £IR1 = €1.27 with the difference going towards funding the campaign and local events. “
Vid from: http://youtu.be/09Pf875LQXE
“Spend your old Irish Punts in Clones!
Yes you have read it properly, you can now use your Irish Punt in exchange for goods and services in Clones.
We are offering an exchance of IR£1.00 = €1.20.
If you don’t spend all your punts in one go, don’t worry, we will give you your change in euro vouchers which you can spend on another day!!”