asked the Minister for Finance the approximate duration of the circulation time of our coinage and bank notes; and if he intends to issue any new currency denominations as has been the case in the UK.
Written Answers. - Circulation of Currency.
532.
I am informed by the Central Bank that the approximate duration of the circulation time of our coinage is 40 years. The Central Bank estimate that the average circulation time of a note is 43 weeks. This varies over time and between denominations depending on such factors as usage, handling and bank sorting.
I outlined to the House on 3 May 1983 the present position regarding proposals for changes in the coinage (Dáil Debates Vol. 342, No. 1, Col. 89). With regard to legal tender notes the following denominations are on issue at present: £1, £5, £10, £20, £50 and £100 and no changes are planned in this regard.