London-based Tower Mint has been selected through a tender process to produce circulating and commemorative coins for the Isle of Man Treasury. The ten-year contract takes effect from 1 April 2017.
The process outcome means that the Isle of Man will be ending its long relationship with Pobjoy Mint, which has been producing Manx coins for more than 40 years.
Treasury member David Anderson MLC explained: 'In line with best practice for public sector procurement we have a clear policy and process for regularly reviewing contracts across the Isle of Man Government and subjecting them to competitive tender.
'In the case of the coins contract the tender process was commenced in February this year by Treasury's Investments and Banking Section working in conjunction with Government's Procurement Services, and a number of companies took part.
'Treasury was impressed with the quality of the samples of circulating and commemorative coins provided in the tender process. Tower was particularly impressive in its marketing capability and production of a rolling five year plan for the sale and distribution of quality commemorative coin issues on a global basis. There are also exciting plans for new designs of circulating coins in 2017.'
Mr Anderson added: 'Pobjoy have done good work for the Isle of Man over the past four decades so we will be sorry to part company with them at the end of March next year.'
