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Could 1p, 2p and 5p coins be removed from circulation?

Could 1p, 2p and 5p coins be removed from circulation on Island? 

A public consultation has launched looking into doing just that, with views now wanted from the Manx public.

Government says it comes as inflation has caused the purchasing power of 1p, 2p and 5p coins to diminish over time.

As a result, people have tended to save coins, so they're not actively circulated through the economy.

No Manx 1p and 2p coins have been minted since 2016-  the primary reason being that it would cost more than their face value.

The consultation explains how, should a decision be taken, the Treasury would propose to introduce compulsory rounding for all cash transactions. 


For example:

£9.21, £9.22, £9.23 or £9.24 would round down to £9.20

£9.25, £9.26, £9.27, £9.28 or £9.29 would round up to £9.30

It is important to stress that rounding would not apply to any card or digital transactions. 

Anyone who wanted to pay a total bill of £9.23, for example, via an online payment system or by debit, credit or store card, would still be charged £9.23.


The consultation is available to view on the Government website and may also be downloaded electronically here.

It'll run for seven weeks and stop on Wednesday 28 June.
 

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