Manx pound
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The pound sterling[link] is the currency of the Isle of Man. The Isle of Man is in currency union with the United Kingdom, and therefore Manx pounds can be changed at par with UK pounds without any form of currency control.
Until 1840, the Manx pound was divided into 280 pence (i.e., 14 pence = 1 shilling). Consequently, separate issues were made of copper coins for the Isle of Man.
Between 1840 and 1971, the only issues made specifically for the Isle of Man were banknotes. In 1961, the Government of the Isle of Man took the sole right to issue Manx paper money. In 1971, coinciding with decimalisation, the Isle of Man began issuing its own circulation coins.
In the United Kingdom, Manx notes and coins are generally not accepted, and travellers are advised to exchange them before leaving the island. Many banks and Bureaux de Change in the UK will convert Manx notes to British notes at no cost. To assist those travelling, the ATM machines at the Sea Terminal, Douglas, and at Ronaldsway Airport (IOM) both issue British notes only. The Manx coins do, however, sometimes creep into general UK circulation as they have identical size and shape to the corresponding UK coins.
The Isle of Man pound shows the triskelion and the Lord of Mann (Queen Elizabeth without crown) and it is the Government that promises to honour the currency. The coins show Elizabeth II with crown as the cost of removing it would have been prohibitive according to The Treasury (Yn Tashtey in Manx).
The Manx five-pound note is the only known note to picture a pub on it. In the bottom left-hand corner of the reverse, the Castle Arms (known as the Glue Pot) is shown opposite Castle Rushen, Castletown.
The Manx pound and coinage is similar to the pound sterling with the exception that the one pound is issued in both note and in coin form whereas the denomination in sterling is only issued in coin form; except in Scotland where both note and coin form exist. Coins bear the words ISLE OF MAN on the obverse to the left of the monarch's head, and the borders of Manx pound coins are not marked with an inscription as is the case with sterling.
Manx Pound and the euro
It is the Manx Government's position that, if the United Kingdom decides to participate in the European Single Currency, then it would be likely that the Island would also choose to participate. Primarily this is because most of the Island's trade is with the United Kingdom and Europe and the break-up of the currency union with the UK would cause economic harm to the Island.[link]See also
External links
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