1p, 2p and 5p pieces could be withdrawn from circulation
Sun, 11 Jun 2023
The Manx Government has launched a public consultation on whether low-value coins such as 1p, 2p and 5p pieces should be withdrawn from circulation.
The consultation explains how, should a decision be taken to remove the coins from circulation, the Treasury would propose introducing compulsory rounding for all cash transactions.
This would only take place on a total bill, not on the cost of individual items making up that bill.
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:
>> £9.21, £9.22, £9.23 or £9.24 would round down to £9.20
>> £9.25, £9.26, £9.27, £9.28 or £9.29 would round up to £9.30
Rounding would not apply to any card or digital transactions. Anyone who wanted to pay a total bill of £9.23, for example, via an online payment system or by debit, credit or store card, would still be charged £9.23.
Written comments can be emailed to treasuryconsultations@gov.im or by post to Policy and Legislation Section, 1st Floor, Financial Governance Division, Treasury, Government Offices, Bucks Road, Douglas, IM1 3PU.
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