The Treasury wants more Manx £1 notes in circulation, in response to the new pound coin in the UK.

Speaker Juan Watterson asked Treasury Minister Alfred Cannan whether the island would be an easy target for fraud, as a result of keeping the round pound coin, and whether there would be an increase in the number of Manx pound notes issued.

The UK is introducing a 12-sided £1 coin and will phase out its round coins by October.

In a written reply to Mr Watterson’s Tynwald question, Mr Cannan says: ’Treasury would be delighted to issue more Manx £1 notes and will make a concerted effort to increase the number in circulation when the new UK £1 coin is introduced and especially up to and including the TT period. During the transition period, Treasury will also encourage the greater use of all other Manx currency and the new set of Manx circulating coins will be available from April.’

He says any risk of counterfeit coins has to be taken in context.

’The Royal Mint estimates that around 3 per cent of UK coins are counterfeit, so there are around 40 to 50 million already in circulation. It would require considerable effort and expense to bring a significant number to the Isle of Man.’

He adds: ’Round UK £1 coins will be actively sorted and repatriated over the coming months. Eventually, there should only be 12-sided UK coins and Manx round coins in circulation on the island.

’Any counterfeit UK £1 coins would then be much more visible to the eye.’

The Bank of England withdrew its £1 note in 1983.