Punt

DEFINITION of 'Punt'

A unit of currency used in the Republic of Ireland until 2002. The punt was introduced in 1928 and was pegged (one for one) to the British pound sterling. In 1979, the peg was removed and the punt, now called the Irish pound, floated against the British pound. The punt was replace by the Euro in 2002.

BREAKING DOWN 'Punt'

One punt (represented by the symbol £) equaled 240 pence until 1969, when it was adjusted to equal 100 pence (one British pound). The euro was introduced on January 1, 2002, at which point Ireland adopted a dual currency with a fixed exchange rate. The Irish punt ceased to be legal tender on February 9, 2002.

RELATED TERMS
  1. IEP (Irish Pound)

    The currency abbreviation or currency symbol for the Irish pound ...
  2. GBP

    The abbreviation for the British pound sterling, the official ...
  3. Irish Stock Exchange – ISE

    A stock exchange located in Ireland. The Irish Stock Exchange ...
  4. Cable

    Slang used among forex traders referring to the exchange rate ...
  5. Currency Peg

    A country or government's exchange-rate policy of pegging the ...
  6. Quid

    Slang for the pound sterling, the currency of the United Kingdom. ...
Related Articles
  1. Markets

    How Brexit Would Impact Ireland’s Economy

    The potential separation of Britain from the European Union (Brexit) stands to affect Ireland, a rapidly growing emerging market economy.
  2. Trading

    Currency Exchange: Floating Rate Vs. Fixed Rate

    Baffled by exchange rates? Wonder why some currencies fluctuate while others are pegged? This article has the answers.
  3. Markets

    Ireland Economics: 3 Troubling Similarities to Greece

    Discover how recent political changes in Ireland could compromise years of balance sheet improvements and economic growth, risking a Greece-like calamity.
  4. Retirement

    Retire in Ireland with $200,000 of Savings?

    Many retirees going to Ireland find that the slower pace translates into a higher quality of life that's also affordable. But can you do it for $200,000?
  5. Trading

    Top Exchange Rates Pegged To The U.S. Dollar

    From the end of World War II until around 1971, all countries in the IMF pegged their currencies to the U.S. dollar. Today, many still do.
  6. Trading

    How Are International Exchange Rates Set?

    International exchange rates show how much one unit of a currency can be exchanged for another currency.
  7. Trading

    Currency All-Time Highs And Lows

    These four major currencies have seen some wild swings in the floating market since 1990.
  8. Markets

    How Does a Currency Peg Work?

    When a government initiates a currency peg, it pegs its currency’s value to that of another country.
  9. Trading

    The Pros And Cons Of A Pegged Exchange Rate

    A pegged exchange rate occurs when one country fixes its currency’s value to the value of another country’s currency. But it has both pros and cons.
  10. Trading

    How Brexit Can Impact the Euro and the U.S. Dollar

    Find out why Brexit could threaten the short-term stability of the British pound sterling and the euro, and why the U.S. dollar stands to benefit.
RELATED FAQS
  1. Why is the British pound / U.S. dollar currency pair known as "trading the cable"?

    The British pound / U.S. dollar currency pair is one of the oldest and most widely-traded currency pairs in the world. The ... Read Answer >>
  2. Why the British Pound Is Stronger Than the U.S. Dollar

    Learn why the British pound is stronger than the U.S. dollar, despite the U.S. economy being larger than that of Britain ... Read Answer >>
  3. How are international exchange rates set?

    International currency exchange rates display how much one unit of a currency can be exchanged for another currency. Currency ... Read Answer >>
  4. Why is Ireland sometimes referred to as a tax haven?

    Learn why Ireland is a desirable location for corporations, how low the country's tax rate is and what taxation and economic ... Read Answer >>
  5. When computing the PEG ratio for a stock, how is a company's earnings growth rate ...

    Remember that the price/earnings to growth ratio (PEG ratio) is simply a given stock's price/earnings ratio (P/E ratio) divided ... Read Answer >>
  6. How can I trade in cross currency pairs if my forex account is denominated in U.S. ...

    The forex market allows individuals to trade on nearly all of the currencies in the world. However, most of the trading is ... Read Answer >>
Hot Definitions
  1. Duration

    A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. ...
  2. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  3. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  4. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
  5. After-Hours Trading - AHT

    Trading after regular trading hours on the major exchanges. The increasing popularity of electronic communication networks ...
  6. Omnibus Account

    An account between two futures merchants (brokers). It involves the transaction of individual accounts which are combined ...
Trading Center