The Isle of Man Government has no plans to follow the Bank of England’s trial introduction of new plastic notes.
The Bank of England has begun a two month public consultation on the move and expects to make a final decision in December.
The bank has cited facts in favour of the note, such as, the plastic notes are harder to counterfeit, more durable, more environmentally friendly and cheaper.
Treasury Minister Eddie Teare MHK said: ‘Since we introduced the plastic £1 notes in 1983, technology has moved on and the new type of material is, I understand, more robust.
‘We are watching the proposal with interest, especially as this new material appears to have been adopted by a number of countries and seems to function well.
‘Creating new designs of bank notes is very expensive and we would only do so when a need arose. In the meantime we will keep a watching brief.’
If adopted, the first English plastic note would be the £5 featuring Sir Winston Churchill, which could be in circulation by early 2016, followed shortly by a Jane Austen design on the £10 note.
The only plastic note in the Isle of Man is the £1 note, which will cease to be legal tender on October 31. They stopped being produced in 1988. Manx plastic pounds currently sell for a lot more than £1 on eBay.
Australia introduced polymer notes in 1988, and more than 20 countries have since made the switch, including New Zealand and Canada.