Northern Ireland

Northern Ireland is a constituent unit of the United Kingdom. Also known as Ulster, Northern Ireland is composed of six counties that are located in the northeastern portion of the Irish province. After the unionists in the north voted to stay as a part of the United Kingdom, Ireland was divided into two portions. The separationists in the south would become the Republic of Ireland.

Because Northern Ireland is part of the United Kingdom, it uses the pound sterling as its currency. Before the pound was decimalized in 1971, one pound was equivalent to 20 shillings or 240 pence. Now, the pound is equivalent to 100 pence.

Unlike other United Kingdom members and the Commonwealth, Northern Ireland pound notes never featured the reigning monarch. Six retail banks had the right to issue notes in Northern Ireland, However, due to mergers and acquisitions, only four retail banks continue to have the right to issue notes in the region. These four banks are the Bank of Ireland, the AIB Group, the Northern Bank Limited (also known as Danske Bank), and the National Westminster Bank (also known as the Ulster Bank).

Northern Irish Law has no definition for legal tender notes, only coins. This means that Northern Irish notes are legal currency throughout the UK. However, these notes are also not legal tender anywhere, even in Northern Ireland. Tellers in Northern Ireland dispense notes from all current Northern Ireland issuers, Scotland issuers, and the Bank of England. Areas near the Republic of Ireland also use the euro.

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