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Several years after the Partition of Ireland the currency circulating in Ireland changed radically with the provisions of the 1927 Currency Act. The Currency Commission Ireland was formed to control the issue of currency in the new Irish state. In 1928 it commenced the issue of A Series Legal Tender Notes, the first of two new banknote issues in The Irish Free State.
In 1929 the Associated Banks' (commercial banks) issues in the island of Ireland were split into Consolidated Banknotes controlled by the Currency Commission in the Irish Free State, and a new Belfast issue in Northern Ireland.
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