Isle of Man Explores Currency Amendments

The Isle of Man is consulting the public on proposals to modernise its banknotes and coins. According to the Manx Treasury, the change of monarch from Queen Elizabeth II to King Charles III (referred to as the Lord of Mann on the island) is an opportune time to consider the designs.

The Isle of Man, located in the Irish Sea, is a self-governing British Crown Dependency, with its own government and laws. It also has its own currency, the Manx pound, which is issued at par with Bank of England notes. The island’s coins were last updated in 2017, but the design of the current banknote series, issued in 1983, has not been significantly revised since 1961, when the government took over the issue of notes and coins from the commercial banks.

One of the proposals is to replace the round £1 coin with a 12-side version, more in keeping with the UK equivalent.

People, businesses and organisations are being asked if the designs should change, and for ideas about what or who may appear on future notes and coins. They are also being asked to rank the importance of the appearance of landmarks, nature, historical events, artistry, people of interest, and achievements in sport, arts and community issues on the island’s cash.

The online consultation among the island’s 84,000 inhabitants is open until 23 October.

Separately, the Manx Treasury has recently concluded a consultation on the future of the island’s 1p, 2p and 5p coins (see CMN July 2023). Their purchasing power has diminished over time, leading to a fall in their use. If they are abolished, an island-wide rounding system would see bills rounded up or down to the nearest 10p. Cashless transactions would not be affected.