The phased withdrawal of the United Kingdom’s round pound coin will continue in the new year, when it will no longer be accepted as a form of payment for services and retail purchases in shops after 28 February 2018.
The UK round pound ceased to be legal tender at midnight on 15 October 2017. Since that date many of the Island’s retailers have continued to accept the coins and return them to banks, assisting with the manual process of removing them from circulation and repatriation to the UK. This has ensured a smooth transition and kept disruption to the coin currency circulation to a minimum.
Following discussion between banks and retail outlets on the Island, it has become apparent that the coins are being taken out of circulation faster than anticipated, and so the current arrangements need not continue indefinitely. Treasury is now asking retailers to ensure that UK round pounds will no longer be accepted as a form of payment in local shops after 28 February 2018. After this date the Manx round pound and UK 12-sided pound should be the only £1 coins in circulation in the Island.
Manx residents are being urged to return any remaining UK round pound coins to their bank as soon as possible. In the meantime, retailers are being asked to support the process by making every effort to separate remaining UK and Manx pound coins before returning them to their bank.
Treasury Member Bill Henderson MLC said: ‘This announcement is the next logical step in the removal of the UK round pounds from circulation. Many retailers, at their discretion as is currently the case, will still continue to accept these coins up until that date in the safe knowledge they can be returned to their bank.’
‘From 1 March 2018 it will still remain possible for anyone to return any remaining UK round pound coins to the banks, 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 need for concern.’
He added: ‘We are grateful for the effort made to date by retail businesses, banks and individual members of the public in making the transition away from the UK round pounds as smooth as possible. Everyone’s co-operation has made the operation go largely unnoticed for most people, allowing those behind the scenes to get on with the job of sorting, repatriation and replenishment with new coin stocks ’
Further information is available through a Frequently Asked Questions document available on Isle of Man Government website.