The Isle of Man will shun 12-sided £1 coin and stick with the round pound

By The iomtoday newsdesk in Local People

The Manx government has announced that it will not be issuing a 12-sided £1 coin when the UK switches.

It will carry on with the round coin that is in our pockets now.

The current Manx £1 will continue to be legal tender here, alongside the new and old UK pound coins.

In the UK the new 12-sided coin is being introduced in March.

From October the round pound will no longer be accepted in shops in the UK, but it will still be able to be exchanged by banks.

In the Isle of Man the new 12-sided UK coin will circulate alongside the round Manx pound and the round UK pound, with the latter being gradually repatriated to the UK.

The Manx Treasury says it will continue to monitor the situation and consider the introduction of a 12-sided Manx pound coin in the future.

The Isle of Man has a history of going it alone in terms of its currency.

When the Bank of England ditched the £1 note in 1984, the Isle of Man continued to print them. Some are still in circulation now.

Later it introduced a plastic version but that has now been withdrawn.

After decimalisation the Bank of England did not replace the 10-shilling note. But the Isle of Man introduced a 50p note.

The UK says it’s changing the coin to make life harder for forgers.

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Might as well · 20 days ago · Report

IOM Government just interested in avoiding the replacement cost, nothing else driving this. Can IOM vending machines actualky cope with two different coins with the same value??

David Craine · 20 days ago · Report

Agree Skeeter Boy - The need to change vending machines, car parking machines, etc etc. to duel purpose. Not only will the Manx need to change their notes on arrival in the UK , the £1 small change will also need changing. The Island needs to only take it's own currency, or mirror the UK and change the £1

Skeeter Boy · 20 days ago · Report

So, we will become the only outlet for all the UK round £1 forgeries. All our slot machines will become full of them (Casino, take note) and the UK will not compensate us for repatriated forgeries. Wake up Treasury - this is a mad plan !

David Craine · 20 days ago · Report

Are retailers really going to examine every £1 coiin old style they receive, after March or whenever they go out of circulation.. Holiday visitors are always requesting English money in change, double the banking. and space required in tills.

cashtalmann · 21 days ago · Report

Great decision then we know the Manx Coins which saves the Island money, hopefully people will then use the Manx money and the UK Banks and Multi-Nationals will stop bringing in UK coins in large quantities as they do now, which is to the detriment of the Island

ET · 21 days ago · Report

I cannot imagine much of a demand for forged Manx coins which is a good reason not to bother either forging or re-minting one. It obviously takes a criminal mind to suss the truth.

50/50 · 21 days ago · Report

Well said @Spook - might have to start checking my change more closely.

Spook · 21 days ago · Report

In view of the change being made to the UK pound being as a result of mass forgery does it really make sense for the Manx currency not to follow suite?

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