The United Kingdom’s round pound coin will no longer be accepted as a form of payment for services and retail purchases in shops after February 28.

The UK round pound officially stopped being legal tender at midnight on October 15.

But since that date many of the island’s retailers have continued to accept the coins and return them to banks, assisting with the manual process of removing them from circulation and repatriation to the UK.

Usually Manx coins are the same shape and weight as UK ones and can be used in vending machines.

But the Isle of Man has gone it alone and kept the round pound while the UK has replaced its with a new 12-sided design.

It’s likely that the fact that Manx £1 coins are still round will confuse visitors who receive them in their change.

As the UK round pound is phased out, it means that people here will have to double check their change to determine whether it’s Manx or from the UK.

Nevertheless, the government says that, following discussion between banks and retail outlets on the island, it has become apparent that the coins are being taken out of circulation faster than anticipated and so the current arrangements need not continue indefinitely.

The Treasury is now asking retailers to ensure that UK round pounds will no longer be accepted as a form of payment in local shops after February 28.

After this date the Manx round pound and UK 12-sided pound should be the only £1 coins in circulation in the island.

The Treasury wants Manx residents to return any remaining UK round pound coins to their bank as soon as possible.

In the meantime, retailers are being asked to support the process by making every effort to separate remaining UK and Manx pound coins before returning them to their bank.

Treasury Member Bill Henderson MLC said: ’This announcement is the next logical step in the removal of the UK round pounds from circulation. Many retailers, at their discretion as is currently the case, will still continue to accept these coins up until that date in the safe knowledge they can be returned to their bank.’

’From March 1 it will still remain possible for anyone to return any remaining UK round pound coins to the banks, where they can be exchanged for valid tender coins or notes. This will continue to be the case for some time to come, so there is no need for concern.’

He added: ’We are grateful for the effort made to date by retail businesses, banks and individual members of the public in making the transition away from the UK round pounds as smooth as possible. Everyone’s co-operation has made the operation go largely unnoticed for most people, allowing those behind the scenes to get on with the job of sorting, repatriation and replenishment with new coin stocks ’