The Treasury has today announced that the distinctive green ‘plastic’ Manx £1 note, along with the 50p note and the 10 shilling note, will cease to be legal tender after 31st October this year.
The notes, which are now rarely used in day to day transactions, will still be legal tender in the meantime. After October 31st they will continue to be honoured at face value if presented to the Treasury’s agent, the Isle of Man Bank. Any 10 shilling notes will be redeemed for 50p each.
The Tyvek or ‘plastic’ £1 note, of which 305,000 remain outstanding, was first issued in November 1983. The 10 shilling note was introduced in 1961 and the 50p note in 1969 – it is believed that some 390,000 of these notes are outstanding.
Treasury Minister Eddie Teare MHK explained:
‘The plastic Manx £1 note created a lot of interest when it first appeared in the early 1980s, but today this note and the others have become obsolete and it makes sense to withdraw them as legal tender. We are giving three months notice of this demonetisation and of course the notes will be still be honoured after October 31st if presented to the Isle of Man Bank.’