'Old Money'

"One of my grandsons recently asked me "What is that granddad". I explained to him that 'long ago' when granddad was very young this was the type of money we used to buy things and this £1 note would buy a lot of goods then. At that time, 1943, Ireland although a Free State was part of the British Empire and hence the note has written on it the fact that "One pound Sterling payable to the Bearer on demand in London". This notation was stopped in 1948 then Ireland left the Commonwealth."