Treasury is reminding the public that United Kingdom ‘round pounds’ will remain legal tender in the Isle of Man after they are taken out of circulation in the UK next month.

In the UK the new 12-sided one pound is superseding the traditional round version, which is being demonetised from October 15. This means it will no longer be accepted in UK shops but it can be returned to banks in exchange for the new coin.

The UK round one pound coins will, however, still be acceptable on the Island alongside the Manx round pound and the new UK 12-sided pound coins.

Treasury member Bill Henderson MLC explained: ‘In the Isle of Man we have not issued a 12-sided pound coin and we are closely monitoring the introduction of the new coin in the UK. The round UK pound coin will continue to be accepted on the Island alongside the Manx round pound and the new UK 12-sided coin.

‘As the UK round pounds are returned to the banks, however, they will be sorted and repatriated to the UK. Eventually the only pound coins left in circulation will be the Manx round and the UK 12-sided, making sorting much easier and ensuring greater visibility for the Manx coin, which will be around for several years to come.’