Ireland and the Euro
Government of Ireland decided on a single national design for all Irish coin denominations. They show the Celtic harp, a traditional symbol of Ireland, decorated with the year of issue and the inscription "Éire" − the Irish word for Ireland. The harp shown was designed by Jarlath Hayes. Edge lettering of the €2 coin: 2**, repeated six times, alternately upright and inverted.
During the 1990s a rapid increase in foreign direct investment and generous amounts of EU regional aid helped transform Ireland into the EU's fastest growing economy. The Irish had traditionally been one of the most pro European nations, unsurprising considering the large amounts of financial assistance they received from Brussels.
The rapid switch to euro by the public meant that Irish cash flowed back to banks more quickly than anticipated. Returning this cash to the Central Bank presented an even greater logistical challenge than the distribution of euro, as it was difficult to predict when, where and in what quantities the Irish pound would be lodged to banks.
According to outside commentators, the final changeover to the euro in Ireland took place quickly and
was remarkably smooth. The cash changeover began on 1 January 2002, when euro notes and coin became legal tender. The Central Bank provided a cash exchange service at its Dame Street office and was the only bank in Ireland open on 1 January. Demand for the service far outstripped expectations and by mid-morning a long queue had formed. Within a week, almost 90% of cash transactions were being carried out in euro and the cash changeover was virtually complete for the general public.
