Manx pound
Encyclopedia
The Manx pound or Isle of Man pound is a local issue of the pound sterling
, issued by the Isle of Man
Government. It is subdivided into 100 pence
.
with the United Kingdom
, and the Manx pound is a local issue of coin
s and banknote
s denominated in pounds sterling
, in a similar way to the banknotes issued in Scotland
and Northern Ireland
(see Sterling banknotes
). It can be exchanged at par with other sterling coinage and notes (see also Sterling zone). The Isle of Man Treasury states that the locally issued currency, United Kingdom coinage and Bank of England
notes are all legal tender
within the island.
For this reason, ISO 4217
does not include a separate currency code for the Manx pound, but where a distinct code is desired IMP is generally used.
UK notes and coins are generally accepted in the Isle of Man, but Manx notes and coins are not generally accepted in the UK. To assist those travelling, the ATM
s at the Sea Terminal, Douglas
, and at Isle of Man Airport
both issue English notes only.
merchant, consisting of pennies equal to their English counterparts. These 'Murrey Pennies' were made legal tender
by order in 1679, when the Court of Tynwald
outlawed the unofficial private coinage that had been circulating prior to and alongside John Murrey's pennies (English coinage was also allowed by this Act).
s 4 pence
, half crowns at 2 shillings 8 pence and guineas at 22 shillings. At this time, Tynwald
also forbade the removal of money from the island, in an attempt to maintain supply.
In 1696, a further devaluation occurred, with all English silver
and gold
coins valued at 14 pence for every shilling. Between 1696 and 1840, Manx copper
coins circulated alongside first English, and later British silver and gold coins at the rate of 14 pence to 1 shilling. As in England, there were 20 shillings to the pound
. Thus, after 1696, £100 sterling was worth £116 13s 4d Manx.
, and requested that coinage be issued for the island. The then Master of the Mint
, Sir Isaac Newton
, refused. As a result, the first Government issue of coins on Mann took place in 1709. This coinage was made legal tender on 24 June 1710. In 1733 Tynwald
took the opportunity to prohibit the circulation of any 'base' (not silver or gold) coinage other than that issued by the Government.
In an attempt to resolve this problem, a proposal was introduced to abandon the separate Manx coinage in favour of British coins. This was rejected by the House of Keys
in 1834 but they were overruled by the British Government in 1839. An Act
was passed declaring that "...the currency of Great Britain shall be and become, and is hereby declared to be, the currency of the Isle of Man", and this remains Manx law to this day. There was resentment on Mann to this change, with some islanders feeling defrauded, and serious rioting took place in Douglas
and Peel. These were known as the 'Copper Row' riots, and were put down by the Manx militia.
The Royal Mint
issued a total of £1,000 in copper coins. Following an Act in 1840, these were valued at 12 pence to the shilling. All coins issued before 1839 were declared by this law to no longer be 'current' and were recalled by the Board of Customs and exchanged by the Royal Mint at their original nominal value for the new coinage. After 1839, no further Manx coins were issued, and they gradually became scarce and were replaced in general circulation on the island by the coinage of the United Kingdom. They did not cease to be legal coinage on Man until decimalisation in 1971. Banknotes had been privately issued for the island since 1865.
with the pound subdivided into 100 pence. The Isle of Man Government, having issued its own banknotes for ten years, took the opportunity to approach the Royal Mint
and request its own versions of the decimal coins, which were introduced in 1971.
, Lords of Mann
, on the obverse
(an eagle and child on a cap), together with the Stanley family motto, "Sans Changer". The 1709 issue was a poor quality casting produced in England; the 1733 issue was a higher-quality struck coin produced in Castletown.
An updated issue of Manx coinage was produced in 1758, totalling £400. It replaced the crest of the Stanley family with a depiction of the Ducal coronet of the Duke of Atholl
above the monogram letters A.D. (for the Latin, Atholl Dux).
In 1786, a new design of coinage was issued, with the head of King George III
(now the Lord of Mann
) and the English state motto on the obverse and the triskeles and Manx motto on the reverse. The standard Lewis Pingo portrait of the King was used, the same as on the British coinage, which showed the King with a laurel wreath
instead of a crown
.
Further issues occurred in 1798 and 1813. As with the previous coins, they were the same size and material (copper) as the English coins and would easily pass for them, however as Manx pennies were 14 to the shilling they were worth less than their English counterparts.
In 1839, following the revaluation to 12 pence per shilling, the Royal Mint
issued copper farthings, halfpennies and pennies which were similar to the previous designs but updated with the head of Queen Victoria
. These were the last coins issued for the Isle of Man until 1971.
. The word "new" was removed from the coins in 1976. A 1 pound coin was introduced in 1978, five years before a similar coin was issued in the UK. A 20 pence coin was introduced alongside its UK counterpart in 1982. Similarly, a bimetal
lic 2 pound coin was introduced alongside the UK version
in 1998.
The obverse
of Manx coins bears the same portrait of Elizabeth II
as UK coins, with the words ISLE OF MAN to the left. Unlike the UK equivalent
, the Manx one pound coin does not bear an edge inscription; instead, the edges are partly milled
and partly plain in alternating bands.
in 1926. Other banks which issued notes (one pound only) on the Isle of Man were:
In 1961, Tynwald
revoked the banks' licences to issue banknotes, and the Isle of Man Government started to issue its own notes, in denominations of ten shillings, one and five pounds. In 1969, the ten shilling note was replaced by a fifty pence note in the build-up to decimalization. Twenty pound notes were introduced in 1979. In 1983, a polymer
one pound note was introduced but discontinued from 1988. A fifty pound note was also introduced in 1983. The fifty pence banknote was withdrawn in 1989.
The Isle of Man continues to issue a one pound note in addition to the one pound coin (in the UK, with the exception of those issued by The Royal Bank of Scotland plc, the one pound note has now been discontinued).
The front of all Manx banknotes have a pledge to honour the banknotes (the "promise to pay the bearer on demand") in the name of the Isle of Man Government
, and feature images of Queen Elizabeth II
(not wearing a crown) and the triskelion
(three legs emblem) and motto. The triskelion symbol is also used as a watermark. Each denomination features a different scene of the Island on its reverse side:
The Manx five pound note is the only known banknote to picture a pub
on it. In the bottom left-hand corner of the reverse, the Castle Arms (known as the Glue Pot) is shown opposite Castle Rushen
, Castletown.
position that, if the United Kingdom
decides to participate in the euro
, then it would be likely that the Island would also choose to participate in some form. Primarily this is because most of the Island's trade is with the United Kingdom and other countries of Europe
and the break-up of the currency union with the UK would cause economic harm to the Island, although there is also concern that the island's economy is not large enough to withstand attack by currency speculators if the Manx pound became free-floating.
Tynwald
passed the Currency Act 1992 in preparation for the euro. The Isle of Man
wishes to retain its right to issue its own currency, believing it to be an important public statement of independence, and the Act allows the issue of a new Manx currency at parity with the euro – referred to as a 'substitute euro'. Retaining the island's own coinage also enables the Isle of Man Treasury to continue to benefit from the accrual of the interest on the income of the issued money supply. However, on the other hand, European Union
is not obliged to recognize Manx decisions: Monaco
, San Marino
and Vatican City
had to be allowed to mint their coins, even if they are free and independent states and, as a dependency, Mann has lower powers than those three nations. More, design changes of European banknotes are totally forbidden by the European Central Bank
. Printing their own banknotes would bring Manx Government to violate the copyright legally detained by the ECB, committing a crime that would involve the British Government by virtue of its sovereignty on the island in international law.
Manx versions of the euro coins
have already been designed, as have equivalents to the euro banknotes
for all except the €500 note (the Treasury assume there is no demand for such a high value note).
If, after converting to the euro, the exchange rates set by the European Central Bank
were to cause economic harm to the Isle of Man then there would be no eligibility for 'compulsory funding' under Protocol 3 of the Maastricht Treaty
.
The Isle of Man Treasury
has some concern that use of the island as a tax haven
would increase if it were in monetary union with the entire euro zone, and that this could be another cause of considerable conflict between the Isle of Man and the European Union.
The exchange rate is the same as for GBP, British Pounds Sterling. Only XE.com links are available.
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
, issued by the Isle of Man
Isle of Man
The Isle of Man , otherwise known simply as Mann , is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland, within the British Isles. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann. The Lord of Mann is...
Government. It is subdivided into 100 pence
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
.
Currency union with sterling
The Isle of Man is in currency unionCurrency union
A currency union is where two or more states share the same currency, though without there necessarily having any further integration such as an Economic and Monetary Union, which has in addition a customs union and a single market.There are three types of currency unions:#Informal - unilateral...
with the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, and the Manx pound is a local issue of coin
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
s and banknote
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s denominated in pounds sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
, in a similar way to the banknotes issued in Scotland
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
and Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
(see Sterling banknotes
Sterling banknotes
Sterling banknotes are the banknotes in circulation in the British Islands , denominated in pounds sterling . One pound is equivalent to 100 pence....
). It can be exchanged at par with other sterling coinage and notes (see also Sterling zone). The Isle of Man Treasury states that the locally issued currency, United Kingdom coinage and Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
notes are all legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
within the island.
For this reason, ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
does not include a separate currency code for the Manx pound, but where a distinct code is desired IMP is generally used.
UK notes and coins are generally accepted in the Isle of Man, but Manx notes and coins are not generally accepted in the UK. To assist those travelling, the ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
s at the Sea Terminal, Douglas
Douglas, Isle of Man
right|thumb|250px|Douglas Promenade, which runs nearly the entire length of beachfront in Douglasright|thumb|250px|Sea terminal in DouglasDouglas is the capital and largest town of the Isle of Man, with a population of 26,218 people . It is located at the mouth of the River Douglas, and a sweeping...
, and at Isle of Man Airport
Isle of Man Airport
Isle of Man Airport , also known as Ronaldsway Airport and, in Manx, Purt Aer Vannin, is the main civilian airport on the Isle of Man. It is located in the south of the island at Ronaldsway near Castletown, southwest of Douglas, the island's capital. Along with the Isle of Man Sea Terminal, it is...
both issue English notes only.
Beginnings
The first Manx coinage was issued privately in 1668 by John Murrey, a DouglasDouglas, Isle of Man
right|thumb|250px|Douglas Promenade, which runs nearly the entire length of beachfront in Douglasright|thumb|250px|Sea terminal in DouglasDouglas is the capital and largest town of the Isle of Man, with a population of 26,218 people . It is located at the mouth of the River Douglas, and a sweeping...
merchant, consisting of pennies equal to their English counterparts. These 'Murrey Pennies' were made legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
by order in 1679, when the Court of Tynwald
Tynwald
The Tynwald , or more formally, the High Court of Tynwald is the legislature of the Isle of Man. It is claimed to be the oldest continuous parliamentary body in the world, consisting of the directly elected House of Keys and the indirectly chosen Legislative Council.The Houses sit jointly, for...
outlawed the unofficial private coinage that had been circulating prior to and alongside John Murrey's pennies (English coinage was also allowed by this Act).
Devaluation
Due to the difficulty of maintaining the supply of coins on the island, in 1692, the value of the Manx coinage was decreased, with English crowns circulating at 5 shillingShilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s 4 pence
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
, half crowns at 2 shillings 8 pence and guineas at 22 shillings. At this time, Tynwald
Tynwald
The Tynwald , or more formally, the High Court of Tynwald is the legislature of the Isle of Man. It is claimed to be the oldest continuous parliamentary body in the world, consisting of the directly elected House of Keys and the indirectly chosen Legislative Council.The Houses sit jointly, for...
also forbade the removal of money from the island, in an attempt to maintain supply.
In 1696, a further devaluation occurred, with all English silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
and gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
coins valued at 14 pence for every shilling. Between 1696 and 1840, Manx copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
coins circulated alongside first English, and later British silver and gold coins at the rate of 14 pence to 1 shilling. As in England, there were 20 shillings to the pound
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
. Thus, after 1696, £100 sterling was worth £116 13s 4d Manx.
18th century
In 1708, the Isle of Man Government approached the Royal MintRoyal Mint
The Royal Mint is the body permitted to manufacture, or mint, coins in the United Kingdom. The Mint originated over 1,100 years ago, but since 2009 it operates as Royal Mint Ltd, a company which has an exclusive contract with HM Treasury to supply all coinage for the UK...
, and requested that coinage be issued for the island. The then Master of the Mint
Master of the Mint
Master of the Mint was an important office in the governments of Scotland and England, and later Great Britain, between the 16th and 19th centuries. The Master was the highest officer in the Royal Mint. Until 1699, appointment was usually for life. Its holder occasionally sat in the cabinet...
, Sir Isaac Newton
Isaac Newton
Sir Isaac Newton PRS was an English physicist, mathematician, astronomer, natural philosopher, alchemist, and theologian, who has been "considered by many to be the greatest and most influential scientist who ever lived."...
, refused. As a result, the first Government issue of coins on Mann took place in 1709. This coinage was made legal tender on 24 June 1710. In 1733 Tynwald
Tynwald
The Tynwald , or more formally, the High Court of Tynwald is the legislature of the Isle of Man. It is claimed to be the oldest continuous parliamentary body in the world, consisting of the directly elected House of Keys and the indirectly chosen Legislative Council.The Houses sit jointly, for...
took the opportunity to prohibit the circulation of any 'base' (not silver or gold) coinage other than that issued by the Government.
19th century
Because of the similarity between Manx and British coins, it was profitable to change shillings to Manx coinage and export them to Great Britain, making a profit of £2 for every £12 in Manx coinage so transferred. This happened on such a scale that by 1830 the island was almost totally deprived of copper coinage.In an attempt to resolve this problem, a proposal was introduced to abandon the separate Manx coinage in favour of British coins. This was rejected by the House of Keys
House of Keys
The House of Keys is the directly elected lower branch of Tynwald, the parliament of the Isle of Man, the other branch being the Legislative Council....
in 1834 but they were overruled by the British Government in 1839. An Act
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
was passed declaring that "...the currency of Great Britain shall be and become, and is hereby declared to be, the currency of the Isle of Man", and this remains Manx law to this day. There was resentment on Mann to this change, with some islanders feeling defrauded, and serious rioting took place in Douglas
Douglas, Isle of Man
right|thumb|250px|Douglas Promenade, which runs nearly the entire length of beachfront in Douglasright|thumb|250px|Sea terminal in DouglasDouglas is the capital and largest town of the Isle of Man, with a population of 26,218 people . It is located at the mouth of the River Douglas, and a sweeping...
and Peel. These were known as the 'Copper Row' riots, and were put down by the Manx militia.
The Royal Mint
Royal Mint
The Royal Mint is the body permitted to manufacture, or mint, coins in the United Kingdom. The Mint originated over 1,100 years ago, but since 2009 it operates as Royal Mint Ltd, a company which has an exclusive contract with HM Treasury to supply all coinage for the UK...
issued a total of £1,000 in copper coins. Following an Act in 1840, these were valued at 12 pence to the shilling. All coins issued before 1839 were declared by this law to no longer be 'current' and were recalled by the Board of Customs and exchanged by the Royal Mint at their original nominal value for the new coinage. After 1839, no further Manx coins were issued, and they gradually became scarce and were replaced in general circulation on the island by the coinage of the United Kingdom. They did not cease to be legal coinage on Man until decimalisation in 1971. Banknotes had been privately issued for the island since 1865.
Decimalisation
In 1971 the United Kingdom moved to a decimal currencyDecimal Day
Decimal Day was the day the United Kingdom and Ireland decimalised their currencies.-Old system:Under the old currency of pounds, shillings and pence, the pound was made up of 240 pence , with 12 pence in a shilling and 20 shillings in a...
with the pound subdivided into 100 pence. The Isle of Man Government, having issued its own banknotes for ten years, took the opportunity to approach the Royal Mint
Royal Mint
The Royal Mint is the body permitted to manufacture, or mint, coins in the United Kingdom. The Mint originated over 1,100 years ago, but since 2009 it operates as Royal Mint Ltd, a company which has an exclusive contract with HM Treasury to supply all coinage for the UK...
and request its own versions of the decimal coins, which were introduced in 1971.
Murrey pennies
The 'Murrey Pennies' of 1668 were the first to depict the 'triskeles' symbol and the Island motto "Quocunque Gesseris Stabit" (sic), both of which would continue to feature on Manx coinage until the present day (the motto was corrected to "Quocunque Jeceris Stabit" in the early 18th Century).Government coins
In 1709, pennies (£300 in total) and halfpennies (£200 in total) were introduced. An additional issue of these coins occurred in 1733 (£250 in pennies, £150 in halfpennies). These issues of coins have the crest of the Stanley familyEarl of Derby
Earl of Derby is a title in the Peerage of England. The title was first adopted by Robert de Ferrers, 1st Earl of Derby under a creation of 1139. It continued with the Ferrers family until the 6th Earl forfeited his property toward the end of the reign of Henry III and died in 1279...
, Lords of Mann
Lord of Mann
The title Lord of Mann is used on the Isle of Man to refer to Queen Elizabeth II, who is the island's Lord Proprietor and head of state.-Relationship with the Crown:The title is not correctly used on its own...
, on the obverse
Obverse and reverse
Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
(an eagle and child on a cap), together with the Stanley family motto, "Sans Changer". The 1709 issue was a poor quality casting produced in England; the 1733 issue was a higher-quality struck coin produced in Castletown.
An updated issue of Manx coinage was produced in 1758, totalling £400. It replaced the crest of the Stanley family with a depiction of the Ducal coronet of the Duke of Atholl
Duke of Atholl
Duke of Atholl, alternatively Duke of Athole, named after Atholl in Scotland, is a title in the Peerage of Scotland held by the head of Clan Murray...
above the monogram letters A.D. (for the Latin, Atholl Dux).
In 1786, a new design of coinage was issued, with the head of King George III
George III of the United Kingdom
George III was King of Great Britain and King of Ireland from 25 October 1760 until the union of these two countries on 1 January 1801, after which he was King of the United Kingdom of Great Britain and Ireland until his death...
(now the Lord of Mann
Lord of Mann
The title Lord of Mann is used on the Isle of Man to refer to Queen Elizabeth II, who is the island's Lord Proprietor and head of state.-Relationship with the Crown:The title is not correctly used on its own...
) and the English state motto on the obverse and the triskeles and Manx motto on the reverse. The standard Lewis Pingo portrait of the King was used, the same as on the British coinage, which showed the King with a laurel wreath
Laurel wreath
A laurel wreath is a circular wreath made of interlocking branches and leaves of the bay laurel , an aromatic broadleaf evergreen. In Greek mythology, Apollo is represented wearing a laurel wreath on his head...
instead of a crown
Crown (headgear)
A crown is the traditional symbolic form of headgear worn by a monarch or by a deity, for whom the crown traditionally represents power, legitimacy, immortality, righteousness, victory, triumph, resurrection, honour and glory of life after death. In art, the crown may be shown being offered to...
.
In 1839, following the revaluation to 12 pence per shilling, the Royal Mint
Royal Mint
The Royal Mint is the body permitted to manufacture, or mint, coins in the United Kingdom. The Mint originated over 1,100 years ago, but since 2009 it operates as Royal Mint Ltd, a company which has an exclusive contract with HM Treasury to supply all coinage for the UK...
issued copper farthings, halfpennies and pennies which were similar to the previous designs but updated with the head of Queen Victoria
Victoria of the United Kingdom
Victoria was the monarch of the United Kingdom of Great Britain and Ireland from 20 June 1837 until her death. From 1 May 1876, she used the additional title of Empress of India....
. These were the last coins issued for the Isle of Man until 1971.
Decimal coinage
In 1971, ½, 1, 2, 5, 10 and 50 new pence coins were introduced. All had the same composition and size as the corresponding British coins. From 1972 onwards, production of the coinage and commemorative crowns was transferred from the Royal Mint to Pobjoy MintPobjoy Mint
The Pobjoy Mint is Europe’s leading private mint which produces legal tender commemorative and circulating coins, medals and tokens for governments, central banks and major companies throughout the world from its premises in Surrey, England.-History:...
. The word "new" was removed from the coins in 1976. A 1 pound coin was introduced in 1978, five years before a similar coin was issued in the UK. A 20 pence coin was introduced alongside its UK counterpart in 1982. Similarly, a bimetal
Bimetal
Bimetal refers to an object that is composed of two separate metals joined together. Instead of being a mixture of two or more metals, like alloys, bimetallic objects consist of layers of different metals...
lic 2 pound coin was introduced alongside the UK version
British Two Pound coin
The British two pound coin was first issued as a commemorative coin in 1986 to celebrate the Commonwealth Games in Scotland. Six further commemorative issues followed between 1989 and 1996...
in 1998.
The obverse
Obverse and reverse
Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
of Manx coins bears the same portrait of Elizabeth II
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...
as UK coins, with the words ISLE OF MAN to the left. Unlike the UK equivalent
British One Pound coin
The circulating British one pound coin is minted from a nickel-brass alloy of approximately 70% copper, 24.5% zinc, and 5.5% nickel. The coin weighs 9.50 grams and has a diameter of 22.50 millimetres...
, the Manx one pound coin does not bear an edge inscription; instead, the edges are partly milled
Milled coinage
In numismatics, the term milled coinage is used to describe coins which are produced by some form of machine, rather than by manually hammering coin blanks between two dies or casting coins from dies.-History:The earliest machine known for producing coins is the screw press, invented by Leonardo...
and partly plain in alternating bands.
Banknotes
In 1865, the Isle of Man Banking Company was founded and began issuing one pound notes, with five pound notes introduced in 1894. The bank changed its name to the Isle of Man BankIsle of Man Bank
Isle of Man Bank Limited was founded on 26 October 1865, the first limited company to be formed after a new law, the Companies Act 1865, which paved the way for their establishment on the island...
in 1926. Other banks which issued notes (one pound only) on the Isle of Man were:
| Bank | Dates |
|---|---|
| Barclays Bank | 1924–1960 |
| Lloyds Bank | 1919–1961 |
| Manx Bank | 1882–1900 |
| Mercantile Bank of Lancashire | 1901–1902 |
| Lancashire & Yorkshire Bank | 1904–1927 |
| Martins Bank | 1928–1957 |
| Parr’s Bank | 1900–1916 |
| London County Westminster and Parr's Bank | 1918–1921 |
| Westminster Bank | 1923–1961 |
In 1961, Tynwald
Tynwald
The Tynwald , or more formally, the High Court of Tynwald is the legislature of the Isle of Man. It is claimed to be the oldest continuous parliamentary body in the world, consisting of the directly elected House of Keys and the indirectly chosen Legislative Council.The Houses sit jointly, for...
revoked the banks' licences to issue banknotes, and the Isle of Man Government started to issue its own notes, in denominations of ten shillings, one and five pounds. In 1969, the ten shilling note was replaced by a fifty pence note in the build-up to decimalization. Twenty pound notes were introduced in 1979. In 1983, a polymer
Polymer banknote
Polymer banknotes were developed by the Reserve Bank of Australia , Commonwealth Scientific and Industrial Research Organisation and The University of Melbourne and were first issued as currency in Australia in 1988. These banknotes are made from the polymer biaxially-oriented polypropylene ...
one pound note was introduced but discontinued from 1988. A fifty pound note was also introduced in 1983. The fifty pence banknote was withdrawn in 1989.
The Isle of Man continues to issue a one pound note in addition to the one pound coin (in the UK, with the exception of those issued by The Royal Bank of Scotland plc, the one pound note has now been discontinued).
The front of all Manx banknotes have a pledge to honour the banknotes (the "promise to pay the bearer on demand") in the name of the Isle of Man Government
Isle of Man Government
The Isle of Man Government is the government of the Isle of Man. The formal head of the Isle of Man Government is the Lieutenant Governor, representing HM Queen Elizabeth II, Lord of Mann...
, and feature images of Queen Elizabeth II
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...
(not wearing a crown) and the triskelion
Triskelion
A triskelion or triskele is a motif consisting of three interlocked spirals, or three bent human legs, or any similar symbol with three protrusions and a threefold rotational symmetry. Both words are from Greek or , "three-legged", from prefix "τρι-" , "three times" + "σκέλος" , "leg"...
(three legs emblem) and motto. The triskelion symbol is also used as a watermark. Each denomination features a different scene of the Island on its reverse side:
- £1 - Tynwald Hill
- £5 - Castle RushenCastle RushenCastle Rushen is a medieval castle located in the Isle of Man's historic capital, Castletown in the south of the island. It towers over the Market Square to the south-east and the harbour to the north-east...
- £10 - Peel CastlePeel Castlethumb|250px|right|Chancel of the Cathedral of St. GermanPeel Castle is a castle in Peel, Isle of Man originally constructed by Vikings. The castle stands on St Patrick's Isle which is connected to the town by causeway...
- £20 - the Laxey WheelLaxey WheelThe Laxey Wheel is a large waterwheel built in the village of Laxey in the Isle of Man. Designed by Robert Casement, it has a diameter, is wide and revolves at approximately three revolutions per minute.-History:...
- £50 - Douglas Bay
The Manx five pound note is the only known banknote to picture a pub
Public house
A public house, informally known as a pub, is a drinking establishment fundamental to the culture of Britain, Ireland, Australia and New Zealand. There are approximately 53,500 public houses in the United Kingdom. This number has been declining every year, so that nearly half of the smaller...
on it. In the bottom left-hand corner of the reverse, the Castle Arms (known as the Glue Pot) is shown opposite Castle Rushen
Castle Rushen
Castle Rushen is a medieval castle located in the Isle of Man's historic capital, Castletown in the south of the island. It towers over the Market Square to the south-east and the harbour to the north-east...
, Castletown.
Manx Pound and the euro
It is the Manx Government'sIsle of Man Government
The Isle of Man Government is the government of the Isle of Man. The formal head of the Isle of Man Government is the Lieutenant Governor, representing HM Queen Elizabeth II, Lord of Mann...
position that, if the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
decides to participate in the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
, then it would be likely that the Island would also choose to participate in some form. Primarily this is because most of the Island's trade is with the United Kingdom and other countries of Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
and the break-up of the currency union with the UK would cause economic harm to the Island, although there is also concern that the island's economy is not large enough to withstand attack by currency speculators if the Manx pound became free-floating.
Tynwald
Tynwald
The Tynwald , or more formally, the High Court of Tynwald is the legislature of the Isle of Man. It is claimed to be the oldest continuous parliamentary body in the world, consisting of the directly elected House of Keys and the indirectly chosen Legislative Council.The Houses sit jointly, for...
passed the Currency Act 1992 in preparation for the euro. The Isle of Man
Isle of Man
The Isle of Man , otherwise known simply as Mann , is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland, within the British Isles. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann. The Lord of Mann is...
wishes to retain its right to issue its own currency, believing it to be an important public statement of independence, and the Act allows the issue of a new Manx currency at parity with the euro – referred to as a 'substitute euro'. Retaining the island's own coinage also enables the Isle of Man Treasury to continue to benefit from the accrual of the interest on the income of the issued money supply. However, on the other hand, European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
is not obliged to recognize Manx decisions: Monaco
Monaco
Monaco , officially the Principality of Monaco , is a sovereign city state on the French Riviera. It is bordered on three sides by its neighbour, France, and its centre is about from Italy. Its area is with a population of 35,986 as of 2011 and is the most densely populated country in the...
, San Marino
San Marino
San Marino, officially the Republic of San Marino , is a state situated on the Italian Peninsula on the eastern side of the Apennine Mountains. It is an enclave surrounded by Italy. Its size is just over with an estimated population of over 30,000. Its capital is the City of San Marino...
and Vatican City
Vatican City
Vatican City , or Vatican City State, in Italian officially Stato della Città del Vaticano , which translates literally as State of the City of the Vatican, is a landlocked sovereign city-state whose territory consists of a walled enclave within the city of Rome, Italy. It has an area of...
had to be allowed to mint their coins, even if they are free and independent states and, as a dependency, Mann has lower powers than those three nations. More, design changes of European banknotes are totally forbidden by the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
. Printing their own banknotes would bring Manx Government to violate the copyright legally detained by the ECB, committing a crime that would involve the British Government by virtue of its sovereignty on the island in international law.
Manx versions of the euro coins
Euro coins
There are eight euro coin denominations, ranging from one cent to two euros . The coins first came into use in 2002. They have a common reverse, portraying a map of Europe, but each country in the eurozone has its own design on the obverse, which means that each coin has a variety of different...
have already been designed, as have equivalents to the euro banknotes
Euro banknotes
Euro banknotes are the banknotes of the euro, the currency of the eurozone and have been in circulation since 2002. They are issued by the national central banks of the euro area or the European Central Bank...
for all except the €500 note (the Treasury assume there is no demand for such a high value note).
If, after converting to the euro, the exchange rates set by the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
were to cause economic harm to the Isle of Man then there would be no eligibility for 'compulsory funding' under Protocol 3 of the Maastricht Treaty
Maastricht Treaty
The Maastricht Treaty was signed on 7 February 1992 by the members of the European Community in Maastricht, Netherlands. On 9–10 December 1991, the same city hosted the European Council which drafted the treaty...
.
The Isle of Man Treasury
Isle of Man Treasury
The Treasury ; ; of the Isle of Man is the finance department of the Isle of Man Government. It prepares the annual budget for the Government, and also handles taxation, customs and excise, economic affairs, information systems, internal audit, currency and the census in the Isle of Man.The...
has some concern that use of the island as a tax haven
Tax haven
A tax haven is a state or a country or territory where certain taxes are levied at a low rate or not at all while offering due process, good governance and a low corruption rate....
would increase if it were in monetary union with the entire euro zone, and that this could be another cause of considerable conflict between the Isle of Man and the European Union.
The exchange rate is the same as for GBP, British Pounds Sterling. Only XE.com links are available.