Are Irish Punts are being Printed in the Irish Mint?

damino

Word has been going round that the Irish Mint has been working flatout printing Irish Punts and minting pence coins. Employees there have been telling family and friends. Reason being is in case the Euro falls apart. If that were to happen, the government would have a currency to use straight away. If there was no backup one can only imagine the implications and scenarios that would occur.

mike65

Seriously, if this were happening every taxi driver and his scraggy mutt would know by now.

btw way way printing up loads of notes does not mean one has a currency.

tr0llface

Seems highly unlikely.

mikemac

Did a taximan or a man down the pub tell you this?

Jeboa Safari

The state has denied it
http://www.independent.ie/national-news/state-denies-rumour-it-is-printing-the-punt-again-2886886.html

Augmerson

I still have a 5 Punt note in a drawer here somewhere. Everybody else is ****ed.

_Kaiser_

Jeboa Safari wrote: »

The state has denied it
http://www.independent.ie/national-news/state-denies-rumour-it-is-printing-the-punt-again-2886886.html

The State denying anything doesn't make it so - just as they still denied the IMF were being called in when they were here already.

Something as big as this though would be harder to keep under wraps though.. people being people means they love knowing something no-one else does and then sharing their secret anyway.

eeloe

I also heard this last night, but can't imagine there being too much truth in it.

They can print them all they want, how are they going to get them out to the people? Employers won't have any new punts to pay people's wages....

the_syco

I'm betting that the Dublin Mint are printing them... and someone got it mixed up with the Irish mint which is also in Dublin...

Pandora2

Wouldn't surprise me...... could this be a Contingency Plan? Let's face it, would we be happy if it all goes tits up and we are told it will be days/weeks before hard currency is available, I think not!!

If they aren't printing alternative notes/striking coin, they should be!

damino

I heard about it three weeks ago, now the Sunday Independent has mentioned it today. But what I heard was that the government was told to have a backup currency, if the Euro was to fall apart. Sure the German government have admitted that they are minting the Deutsche Mark.

Nate--IRL--

If they were it would have to be very very secret, otherwise bank accounts would be emptied and money shifted abroad.

Now how long would it take to print/mint An Punt Nua, In secret? The people responsible for overseeing this would be the Central Bank, the very same incompetent muppets that blindly oversaw us getting in to this position in the first place.

IMO if they attempted it, it would lead to massive capital flight and a run on the banks, as there is no way it could be done in secret.

Nate

niallers1

Should this be in the conspiracy theories section:)

mikemac

I got a letter from the Dublin Mint trying to sell some commemorative coins
So did a lot of you too I'd guess

Dublin Mint is a private company

Is there where the confusion coming from?


edit, the syco has the same point

cyclopath2001

the_syco wrote: »

I'm betting that the Dublin Mint are printing them... and someone got it mixed up with the Irish mint which is also in Dublin...

Unlike the Irish Mint, Dublin Mint don't actually have a mint in Dublin.

thebman

Who says you need coins and paper to have a currency. You could just run it with the Debit cards we are all using more and more everyday at least initially.

So why bother given the panic it could cause?

Quazzie

The idea of them printing punt is almost as absurd as the OPs grammar.

zyxwvu

This is the kind of thing that will be found out when the secret government records are released in 30 years time... of course they're going to deny it at the minute if it is true.

Pandora2

thebman wrote: »

Who says you need coins and paper to have a currency. You could just run it with the Debit cards we are all using more and more everyday at least initially.

So why bother given the panic it could cause?

How will I spend a penny? What will I give my 15 year old?? How will I buy a Luas Ticket?? Use a Cigarette/Tampax dispensor?? Feed a parking meter? I could go on and on:eek:

thebman

Pandora2 wrote: »

How will I spend a penny? What will I give my 15 year old?? How will I buy a Luas Ticket?? Use a Cigarette/Tampax dispensor?? Feed a parking meter? I could go on and on:eek:

When was the last time you spent a penny? You don't give your 15 year old currency, you transfer to their account like you do at the present if you have Internet banking. Luas tickets can already be bought with debit cards. Cigarette machines can be converted to use cards etc... and nothing stopping you creating your own currency for those after a while but having them out of use or still using the old currency initially as the old currency will still have to be accepted by banks etc... similar to euro change over for quite a while.

Pandora2

thebman wrote: »

When was the last time you spent a penny? You don't give your 15 year old currency, you transfer to their account like you do at the present if you have Internet banking. Luas tickets can already be bought with debit cards. Cigarette machines can be converted to use cards etc... and nothing stopping you creating your own currency for those after a while but having them out of use or still using the old currency initially as the old currency will still have to be accepted by banks etc... similar to euro change over for quite a while.

Spent a penny yesterday:D Stephen's Green Centre (20C actually but principle is same;)) Yes I give my 15 year old currency And will the Debit Cards be working???;):rolleyes: Wouldn't put money on it:rolleyes:

saywhatyousee

Why is everyone trying to deny this to the best of there ability?I would be more surprised if they were not printing it.This topic came up on other forums i am a member of and the rampant denial has me even more suspicious.(Not that i care anyway i have my gold and Swiss francs)

thebman

Pandora2 wrote: »

Spent a penny yesterday:D Stephen's Green Centre (20C actually but principle is same;)) Yes I give my 15 year old currency And will the Debit Cards be working???;):rolleyes: Wouldn't put money on it:rolleyes:

So basically the idea is completely workable, you just don't like the implementation because it would require changing tiny aspects of how you do some things.

New Zealand doesn't have pennies. In fact the smallest coin is 10 cent. There are no charges on debit transactions and so most people don't really carry cash on them very often.

http://en.wikipedia.org/wiki/New_Zealand_dollar#History_2

The idea is to run without temporary while you create your new currency or new punt not that it remains permanently in place. It is completely possible and much more likely than printing millions of coins just in case IMO given the controversy such an action would generate and the fact that it would be a waste of money if they were never actually used and we are trying to save not waste money.

Also if you were going to run a system solely on debit cards for a while, you'd introduce redundancy to your systems so that a system going down wouldn't cause issues.

Nate--IRL--

I don't have a debit card - how do I buy food until new currency is issued?

Nate

Crazy Horse 6

They'll need them soon. Laugh all you want but even the inept Irish government must plan for a highly likely euro breakup.

thebman

Nate--IRL-- wrote: »

I don't have a debit card - how do I buy food until new currency is issued?

Nate

All banks issue debit cards now or are in the process of doing so to customers. Only a very small percentage of the country would need new debit cards, much easier to make a few cards and distribute them then mint an entire currency in a short space of time.

Nate--IRL--

thebman wrote: »

Only a very small percentage of the country would need new debit cards

And you can back that up with figures I suppose?

Nate

Pandora2

thebman wrote: »

So basically the idea is completely workable, you just don't like the implementation because it would require changing tiny aspects of how you do some things.

New Zealand doesn't have pennies. In fact the smallest coin is 10 cent. There are no charges on debit transactions and so most people don't really carry cash on them very often.

http://en.wikipedia.org/wiki/New_Zealand_dollar#History_2

The idea is to run without temporary while you create your new currency or new punt not that it remains permanently in place. It is completely possible and much more likely than printing millions of coins just in case IMO given the controversy such an action would generate and the fact that it would be a waste of money if they were never actually used and we are trying to save not waste money.

Also if you were going to run a system solely on debit cards for a while, you'd introduce redundancy to your systems so that a system going down wouldn't cause issues.

What exactly will Debit Cards represent? At that stage Euro will be worthless, bank balances wiped out! Traders will refuse them unsure if transactions will be honoured, for we all know how honourable the banks are:rolleyes:

Life as we know it will grind to halt until an alternative is made available. Given that we have no control over other Countries who may default it would be irresponsible if the Irish Gov did not have a plan B!!

thebman

Nate--IRL-- wrote: »

And you can back that up with figures I suppose?

Nate

The value of all non-cash transactions totalled 36% in 2010 compared to 96% in the EU where consumers have for many years been using electronic means of payments.

The organisation also reveals that the volume of cash being paid out of ATMs here dropped by over €3 billion to €22.3 billion in 2010, while the number of new debit cards issued exceeded 330,000 in 2010 to bring the total number to 3.4 million

http://www.rte.ie/news/2011/0816/ipso-business.html

The indication is clear that where debit cards exist, money is used less and less and so if we did remove cash, most people would adapt quite quickly like other countries.

R P McMurphy

I can confirm it is true, have seen the new notes, Ahern is on the £5, cowen on the £10 note, John O'Donoghue on the £20 and a collage of Haughey and Ray Burke done in the style of Andy Warhol on the £50, is pretty psychedelic in fairness

gozunda

damino wrote: »

Word has been going round that the Irish Mint has been working flatout printing Irish Punts and minting pence coins. Employees there have been telling family and friends. Reason being is in case the Euro falls apart. If that were to happen, the government would have a currency to use straight away. If there was no backup one can only imagine the implications and scenarios that would occur.

I hear there was a shortage of toilet paper......

Nate--IRL--

thebman wrote: »

The indication is clear that where debit cards exist, money is used less and less and so if we did remove cash, most people would adapt quite quickly like other countries.

Hmm ok so you are proposing the government might introduce mandatory Debit Cards, force everybody to use Bank accounts for all transactions, remove physical cash, in order to prepare that we might leave the Euro?

Yep, nobody will object to that, or twig what they are up to if that was suggested.

Nate

Icepick

OP, a prince from Nigeria wants to share his fortune with you.

thebman

Nate--IRL-- wrote: »

Hmm ok so you are proposing the government might introduce mandatory Debit Cards, force everybody to use Bank accounts for all transactions, remove physical cash, in order to prepare that we might leave the Euro?

Yep, nobody will object to that, or twig what they are up to if that was suggested.

Nate

Except it is already government policy to push for this end goal of having the vast majority of payments be cashless and it benefits the banks massively to do so for several fairly obvious reasons which is why they have already been pushing the agenda.

So basically it would require pretty much no change in policy and as we own most of the banks, it could easily be made as individual bank policy not government policy that all customers get issued such a card as it benefits the banks and customers for several reasons.

Bank of Ireland is to provide one million personal banking customers with a new Visa debit card that will give extensive online purchasing access and the facility to make payments and withdraw cash across the world. Changing from Laser to Visa Debit offers a compelling package of services to Bank of Ireland customers who will benefit from enhanced purchase protection against failure or non-delivery of goods. The new Visa Debit card will also enable Bank of Ireland to provide access to 'Verified by Visa', an additional security mechanism that reduces exposure to online fraud.

The move reflects the phenomenal growth in electronic transactions and a European-wide imperative to reduce an Irish consumer reliance on paper-based and cash transactions. Ireland has the highest per capita usage of ATMs in Europe and remains one of the highest users of cheques.

Commenting on the announcement, Quentin Teggin, Head of Consumer Segments at Bank of Ireland said: "Our customers like using debit cards to make payments and there has been a 60% increase in this transaction type since 2006. Visa Debit will allow our customers to complete more transactions electronically given its global acceptance across more than 200 countries. Irish consumers are still the biggest users of cash in Europe so this will also significantly contribute to the Government's aim of reducing the reliance on paper-based payments systems in favour of electronic money. We estimate that debit transactions will increase by a minimum of 20% in the year following the introduction of the new card.

This strategic decision by Bank of Ireland enhances the functionality of our payment systems and will empower both the development of new technologies and innovation such as contactless payments alongside real consumer benefits for Irish consumers."

http://www.bankofireland.com/about-boi-group/press-room/press-releases/item/224/bank-of-ireland-announces-new-debit-card-for-one-million-personal-customers-offering-worldwide-access-to-cash-and-payments/

I get that some people like spending cash and don't like cards but that doesn't mean this isn't possible as an interim measure. They would just have to deal with it for a few months while currency gets minted.

When statistics for other currencies are saying 90% of payments are cashless, I don't find the arguments that this can't work as an interim measure very credible TBH. I would love to know why people think minting an entire new currency in private and hoping nobody finds out would be a better option if we had to go down this road.

Nate--IRL--

thebman wrote: »

I would love to know why people think minting an entire new currency in private and hoping nobody finds out would be a better option if we had to go down this road.

I would contend that neither are workable or solutions to anything. However, I did read an account of the Splitting of the Czechoslovak currency union recently, I'll see if I can find it.

Edit:- Not the one I was looking for but it gives a very brief overview of the problems - http://www.cfsgam.com.au/uploadedFiles/CFSGAM/PdfResearch/110608_The_Czechoslovakian-experience.pdf

Nate

ulinbac

you don't need a notes and coins to have a currency. Remember the ECU
http://en.wikipedia.org/wiki/European_Currency_Unit

It was a the european currency before he euro. We could not just transfer over in a night. We would have to fix/float the currency against another base currency (possibly sterling). This takes a lot of time and money. It is a really expensive process as everything would have to be changed. The cost of trade would also change. Also, a load of FDI is here because we a re part of the euro (less fx costs), so if we suddenly change back to the punt, what is stopping them moving to a cheaper euro country with euro. We rely heavily on exports like american pharmaceutical companies here. We could say bye bye to a lot of FDI.

andrew

The conspiracy theories forum is this way

---

>

If the government managed to print enough currency for an entire country without it being leaked, I'd be shocked. Think about the physically quantity which would need to be printed, in such a short period of time, in but one printing press. The quantity of goods and materials which would have to be imported, all in absolute secrecy. The amount of time presses would have to be run, all in complete secrecy. The number of people, each of whom would be able to bring down the entire eurozone simply by prooving that such printing is going on.

Now imagine this happening....in every single eurozone country, as it would have to.

I'd say it's so logistically difficult as to be impossible.

books4sale

OP, conspiracy theories forum please next time.

....with all the other nutjobs. :cool:

Solair

Nope, they're not printing anything!

Also the % of currency in circulation as coins and notes is actually pretty small these days.

It'd would simply require a few key strokes on the banks' computer systems to switch currency.

Notes and coins aren't that big a deal. You can issue them through retailers over a few days and use existing stocks of Euro until then.

Honestly, I think it's going to be a cold day in hell before the Euro disappears.

This is a series of extremely bad teething problems but there's a will and the resources to get over it.

If the Euro were to collapse it would cause a global recession that would have dire and far reaching consequences so it's just not going to be allowed to happen. There are too many very powerful vested interests i.e. the entire EU and US banking systems for a start + China!

The problems are also more about global debt crisis than the Euro itself tbh.

I think we're more likely to see a massive multi trillion $/€ coordinated printing press roll of US$, Euro, £, ¥ and their hangers on i.e. almost everyone else.

thebman

Nate--IRL-- wrote: »

I would contend that neither are workable or solutions to anything. However, I did read an account of the Splitting of the Czechoslovak currency union recently, I'll see if I can find it.

Edit:- Not the one I was looking for but it gives a very brief overview of the problems - http://www.cfsgam.com.au/uploadedFiles/CFSGAM/PdfResearch/110608_The_Czechoslovakian-experience.pdf

Nate

Well I would agree that neither are workable solutions, I was more pointing out that if you were going to do it, minting a new currency and hoping nobody noticed was not the best way to go about it. There are stealthier ways of doing the same thing and if you were going to do it, you would probably have to make it as stealthy as possible.

mistermouse

Maybe we'll move to Sterling and Martin McGuinness's appearance in the Presidential Election is part of the plan to soften the shock! lol!

I doubt they are printing, or prepared for any eventuality, though the EU as a whole seem to be inept at solving the current crisis.

IMO the only ones looking after themselves are the German and French. They'll do alright regardless and are already looking after their own banks at the expense of other countries as long as they can

The Irish Govt have been rediculously looking up to the EU for years, feeling good and 'important' in Europe and are incapable of thinking for themselves never mind having a backup plan

JONJO THE MISER

thebman wrote: »

When was the last time you spent a penny? You don't give your 15 year old currency, you transfer to their account like you do at the present if you have Internet banking. Luas tickets can already be bought with debit cards. Cigarette machines can be converted to use cards etc... and nothing stopping you creating your own currency for those after a while but having them out of use or still using the old currency initially as the old currency will still have to be accepted by banks etc... similar to euro change over for quite a while.

And where are you living?
Jakeen land no doubt.

del88

The Irish punt is being printed...

goose2005

I'm printing them in my basement, just in case.

bbam

thebman wrote: »

You don't give your 15 year old currency, you transfer to their account like you do at the present

:eek:
Real Celtic Tiger stuff..
Bung them a few quid and they're luck at that

irishgeo

what did they do with all the old irish notes anyway?

Monty Burnz

damino wrote: »

Sure the German government have admitted that they are minting the Deutsche Mark.

And with that, this new poster with almost no posting history lost all credibility...:rolleyes:

floorpie

Monty Burnz wrote: »

And with that, this new poster with almost no posting history lost all credibility...:rolleyes:

If you're going to pick on a 'new poster' about a post from four pages ago, i'm sure you can do it in a nicer way than this. Or, at least, without the ridiculous appeal to authority.

Monty Burnz

floorpie wrote: »

If you're going to pick on a 'new poster' about a post from four pages ago, i'm sure you can do it in a nicer way than this. Or, at least, without the ridiculous appeal to authority.

I'm pointing out the credibility gap when a new poster with no track record here comes along with a highly implausible story backed up with outright lies about the actions of the Bundesbank.

I suggest you look up what an appeal to authority is.

floorpie

Monty Burnz wrote: »

I'm pointing out the credibility gap when a new poster with no track record here comes along with a highly implausible story backed up with outright lies about the actions of the Bundesbank.

I suggest you look up what an appeal to authority is.

What credibility gap? To suggest that a person who has more posts is more likely to be 'correct' or 'credible' is wrong. A post count isn't an indication of 'track record' either, and even if it was, a 'track record' on one forum wouldn't suggest correctness anyway.

And you've said it again...'new poster'; he might be wrong, but there's no need to be so hostile about it, particularly with someone new. Especially after four pages of other people discussing it amicably.

I don't care about the particulars of his post.

Sorry for derailing the thread.

Monty Burnz

floorpie wrote: »

What credibility gap? To suggest that a person who has more posts is more likely to be 'correct' or 'credible' is wrong. A post count isn't an indication of 'track record' either, and even if it was, a 'track record' on one forum wouldn't suggest correctness anyway.

I trust that you've heard of the phenomena of ramping and de-ramping? There are plenty of people out there who think they can profit by moving the prices of shares, currencies and other assets by starting rumours about them suggesting good or bad news. They are the bane of investment sites. Typically they create a new ID and post their nonsense to get their rumour out. Without wanting to state that the OP is ramping/de-ramping, rather than just totally misguided, I hope you can see the reason why posts like his will be greeted with suspicion.