Banks in the Isle of Man will continue to accept United Kingdom round pound coins after they cease to be legal tender at midnight on 15 October 2017.
Treasury Member Bill Henderson MLC has sought to reassure Island businesses and residents that they will not be left with worthless coins after the deadline.
Round pounds are being removed from circulation in the UK following the introduction of the new 12-sided pound coins. The move, the first change to the UK pound coin for more than 30 years, is aimed at combating counterfeiters.
The acceptance of UK round pounds in the Isle of Man after 15 October will be at the discretion of individual retailers. However, it is expected that most Island businesses will continue to accept UK round pounds and pay them in to their banks where the coins will be sorted and returned to the UK.
In time, the Manx round pound and UK 12-sided pound will be the only £1 coins in circulation in the Island.
Mr Henderson explained that the process of collecting, sorting and repatriating the millions of UK round pounds currently in use in the Isle of Man will take many months.
He commented: ‘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 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.’
He added: ‘Treasury is aware that a large volume of UK round pounds is currently circulating in the Isle of Man. The process of removing these coins and putting the Manx round pounds and UK 12-sided pounds back into circulation is a manual exercise that will take a number of months. It is likely that UK round pounds will appear in loose change for some time. There is no need to be concerned. Even if certain retailers do not accept the coins, the Island’s banks will continue to for the foreseeable future. Treasury is working with the banks and retailers and will update the public in advance of any further changes.’
In recent months many vending machines in the Island have been adapted to accept the new UK 12-sided coin in addition to the round pounds.