DEFINITION of 'IEP (Irish Pound)'
The currency abbreviation or currency symbol for the Irish pound (IEP), the currency of Ireland until 2002. The Irish pound was made up of 100 pennies ("pingin" in Irish) and was often represented by the symbol £ or IR£ to set it apart from other currencies based in pounds.
Also known as the punt Éireannach in Irish.
BREAKING DOWN 'IEP (Irish Pound)'
The first Irish pound was established in 1938, when the Irish Constitution changed the states name. The value of the pound remained the same as the pounds that proceeded it. No changes were made until February of 1971, when the currency was decimalized along with the British pound (GBP). The Irish pound was replaced by the euro in January of 1999, but the pound was still accepted as legal tender until February of 2002.