No Manx 12-sided pound coin before 2019

Thu, 19 Oct 2017

The Treasury Minister says the Isle of Man won't introduce a 12-sided one pound coin before 2019.

Alfred Cannan confirmed at this month's sitting of Tynwald that Manx businesses can continue to accept the UK round pound, which ceased to be legal tender there at the weekend.

When asked if there are plans to change the design of Manx coins, the Minister claimed it would take a period of time to arrange, with no 12-sided coin entering circulation until at least 2019.

However, he added that the Island is currently taking a precautionary route, monitoring the situation on a daily basis.

The UK coins are said to be harder to counterfeit, but Mr Cannan confirmed banks and local businesses are being urged to keep an eye out for forgeries of all coins.