The island of Ireland uses two currencies, the euro and the pound sterling. The Republic of Ireland is monetarily part of the eurozone and uses the European Union currency, while Northern Ireland remains part of the United Kingdom and retains the pound sterling as its monetary unit.
The pound sterling is divisible into 100 pence, and banknotes are available in denominations up to 100 pounds. The euro is divisible into 100 cents and has notes in denominations up to 500 euros.
Before joining the eurozone monetary system, the Republic of Ireland used the Irish pound, established after its independence in 1922. Irish pound notes are not considered legal tender, but they may be exchanged for euros at central banks.