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16/05/2012
Co Monaghan Shopkeepers Now Accepting Punts
Shopkeepers in the border town of Clones, Co Monaghan are offering to trade in the near obsolete punt to try and turn the clock back on the recession and euro currency crisis.
Even though the old notes and coins of the Republic are no longer legal tender, 42 businesses are willing to accept them as payment and exchange them in the Central Bank.
Tony Morgan, who runs the Liptons store, has championed the ‘Embrace the Punt’ campaign for the last two months.
Having already taken in about IR£1,000, Mr Morgan thinks it will be a long term plan: "It's going to be running for us for five years I'd say - I think it's long-term."
The idea came from his son Ciaran who saw reports on the Spanish fishing village of Mugardos where 60 local stores had reintroduced the peseta.
The Central Bank said at the end of 2010 there were €238 million in Irish banknotes outstanding and €125.5 million worth of coins outstanding.
The exchange rate being offered in Clones matches the value of the euro when it was introduced in 2002 - €1.27 to the punt, although coinage is only being taken on an even money basis.
(H)
Even though the old notes and coins of the Republic are no longer legal tender, 42 businesses are willing to accept them as payment and exchange them in the Central Bank.
Tony Morgan, who runs the Liptons store, has championed the ‘Embrace the Punt’ campaign for the last two months.
Having already taken in about IR£1,000, Mr Morgan thinks it will be a long term plan: "It's going to be running for us for five years I'd say - I think it's long-term."
The idea came from his son Ciaran who saw reports on the Spanish fishing village of Mugardos where 60 local stores had reintroduced the peseta.
The Central Bank said at the end of 2010 there were €238 million in Irish banknotes outstanding and €125.5 million worth of coins outstanding.
The exchange rate being offered in Clones matches the value of the euro when it was introduced in 2002 - €1.27 to the punt, although coinage is only being taken on an even money basis.
(H)
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