The island of Ireland is split into two jurisdictions. Most of its area comprises the Republic of Ireland. About one-sixth of the island's territory is encompassed in Northern Ireland, a part of the United Kingdom. Each jurisdiction uses a different currency.
The Republic of Ireland adopted the euro, the official currency of the European Union, when it was launched at the end of the 20th century. Use of the common currency obviates the need for currency exchange for trade with or travel in the other EU countries that have adopted the currency. Euros come in paper notes of €5, €10, €20, €50, €100, €200, and €500, while coins are available in €2, €1, 50¢, 20¢, 10¢, 5¢, 2¢, and 1¢.
Since it is part of the United Kingdom, Northern Ireland uses the currency of the UK, the British pound. The value of the pound fluctuates against other currencies, including the euro. The pound is broken down into pounds and pence. Paper notes are £5, £10, £20, £50, and £100, and available coins are £2, £1, 50p, 20p, 10p, 5p, 2p, and 1p.
