A consultation has been launched by the government into ending the use of low-value coins.
The move would see an end to the use of 1p, 2p and 5p coins in cash transactions in the island.
The Isle of Man Government has started this consultation today (Wednesday, May 10).
A government spokesperson said: ‘Inflation has caused the purchasing power of 1p, 2p and 5p coins to diminish over time, leading to a fall in use exacerbated by precautions in place during the pandemic.
‘People have tended to save coins as a result and they are then not actively circulated through the economy.’
No Manx 1p and 2p coins have been minted since 2016 — the primary reason being that minting costs more than their face value.
Treasury Minister Dr Alex Allinson MHK said: ‘Any change to the way society uses cash must be carefully considered as its presence within our culture has been embedded over many centuries.
‘There is, however, a need to properly examine how and why the use of coins has declined and what we should do to remove those deemed no longer useful.
‘While decisions are yet to be made, it is important to note the experience of many countries which have successfully navigated this process, including Australia, Belgium, Brazil, Canada and our neighbours in the Republic of Ireland.’
If this proposal went ahead it would change how cash is used in the Isle of Man.
Where a total bill is being paid in cash, and the number of pence to be paid does not end in 0 or 10, the amount of the final bill would be rounded to the nearest 0p or 10p:
For example, a bill that comes to £9.21, £9.22, £9.23 or £9.24 would round down to £9.20, and a bill that came to £9.25, £9.26, £9.27, £9.28 or £9.29 would round up to £9.30.