There’s no need for businesses and residents to worry about the end of the UK round pound.

That’s the message from government Treasury member Bill Henderson MLC.

UK round pounds cease to be legal tender at midnight today (Sunday) but Mr Henderson has sought to reassure the island that they will not be left with worthless coins after the weekend deadline.

Millions of the coins are understood to be circulating in the island but Mr Henderson said: ’There is no reason for anyone to worry about the removal of the UK round pound.

’We expect it to be business as usual for the majority of people and retailers in the island for some time to come.

’Although they are not obliged to do so, most shops will continue to accept UK round pounds. As the UK round pounds are paid into the banks, they will be separated from other pound coins and sent back to the UK.

Mr Henderson said: ’There is no need to be concerned. It is likely UK round pounds will appear in loose change for some time. Even if certain retailers do not accept the coins, the island’s banks willcontinue to for the forseeable future.

’Treasury is working with the banks and retailers and will update the public in advance of any further changes.’

The Treasury says as the UK round pounds are paid into the banks, they will be sorted and then returned to the UK.

Eventually the only pound coins left in circulation should be the Manx round pounds and the UK 12-sided pound coin.

The Isle of Man’s Mint, Tower Mint, is said to be liaising with the Royal Mint and the UK Treasury, but it is understood even if Tower Mint were given permission to strike the 12-sided coins with a similar specification, it would take time to arrange and in reality the earliest they could strike a 12-sided Manx coin would be 2019.

Mr Henderson says the issue of the Isle of Man’s own currency is a ’positive statement’ of the island’s independence.

Manx pound notes are also in circulation. The Treasury says it would be delighted to put more £1 notes into circulation if there were sufficient demand both from the public and retailers.

Mr Henderson said there had been ’an extraordinary amount of liaison and communication’ with businesses.

Mr Henderson recommends people look to see if they have UK round pounds.

’If you’ve got a piggy bank full of UK round pounds then the sooner you can have it taken to the bank or a relative helps you with that... it’s far easier to do that now than wait, basically.’