Currency Union With Sterling
The Isle of Man is in currency union with the United Kingdom, and the Manx pound is a local issue of coins and banknotes denominated in pounds sterling, in, for practical purposes, a similar way to the banknotes issued in Scotland and Northern Ireland (see Sterling banknotes). It can be exchanged at par on the island with other sterling coinage and notes (see also Sterling zone). The Isle of Man Treasury states that the locally issued currency, United Kingdom coinage and Bank of England notes are all legal tender within the island.
Unlike Northern Irish and Scottish notes, there is no requirement for the Isle of Man government to back the Manx currency with Bank of England notes or securities. There is no restriction under UK law on the amount of notes and coins they may issue. The currency is not underwritten by the UK government, there is no guarantee of payment beyond that given by the Manx authorities.
ISO 4217 does not include a separate currency code for the Manx pound, but where a distinct code is desired IMP is generally used.
UK notes and coins are generally accepted in the Isle of Man, but Manx notes and coins are not generally accepted in the UK. To assist those travelling, the ATMs at the Sea Terminal, Douglas, and at Isle of Man Airport both issue English notes only.
Read more about this topic: Manx Pound
Famous quotes containing the words currency, union and/or sterling:
“Money is the worst currency that ever grew among mankind. This sacks cities, this drives men from their homes, this teaches and corrupts the worthiest minds to turn base deeds.”
—Sophocles (497–406/5 B.C.)
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—Frances E. Willard 1839–1898, U.S. president of the Women’s Christian Temperance Union 1879-1891, author, activist. The Woman’s Magazine, pp. 137-40 (January 1887)
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—Benjamin Haydon (1786–1846)