Isle of Man residents are being reminded that United Kingdom round pound coins will no longer be accepted as a form of payment for services and retail purchases in local shops after 28 February 2018.
UK round pounds ceased to be legal tender at midnight on 15 October 2017. Island retailers have continued to accept UK round pounds, but from 1 March 2018 the Manx round pound and UK 12-sided pound will be the only valid tender £1 coins in circulation in the Isle of Man.
People will still be able return any remaining UK round pounds to their bank, where they can be exchanged for valid tender coins or notes. This will continue to be the case for some time to come, so there is no cause for concern.
The continued efforts made by local retail businesses, banks and individual members of the public in making the transition away from the UK round pounds as smooth as possible, has been greatly appreciated.
Isle of Man residents are also reminded that the UK’s old series £10 note is being withdrawn from circulation from 1 March 2018, having been replaced by the new polymer £10 note in September 2017. The UK old series note can be exchanged at the bank for valid tender notes.
Further information regarding the UK round pound is available via the Treasury FAQs on the Government website.
