No IOM deadline on UK round pounds

Retailers urged to accept and bank coins

UK round pound coins can still be used in the Isle of Man after they cease to be legal tender at midnight on Sunday (15 Oct).

The Manx Treasury is reassuring businesses and residents that the coins will not be worthless after the deadline.

Round pounds are being replaced in the UK by a new 12-sided version, the first change to the pound coin in 30 years. 

Although not obliged to, it's hoped Island retailers will continue to accept the old-style UK pound coins after 15 October.

Once paid into the bank as takings, the coins will be removed and returned to the UK.

Treasury Member Bill Henderson MLC says the job of collecting and repatriating the millions of UK coins currently in circulation here is a manual job which could take many months.

Although acceptance of the UK pound coins is at the retailer's discretion, Mr Henderson says there's no need for concern - as banks will continue to take them for the foreseeable future. 

The UK move, aimed at preventing counterfeiters, has led to many vending machines in the Island being adapted to accept both the 12-sided coin in addition to the round pound. 

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