Manx pound
| Manx pound | |
|---|---|
| Punt Manninagh (Manx) | |
| ISO 4217 | |
| Code | IMP |
| Denominations | |
| Subunit | |
| 1/100 | penny |
| Plural | |
| penny | pence |
| Symbol | £ or M£ |
| penny | p |
| Banknotes | £1, £5, £10, £20, £50 |
| Coins | 1p, 2p, 5p, 10p, 20p, 50p, £1, £2 |
| Demographics | |
| User(s) |
 Isle of Man (alongside pound sterling) |
| Issuance | |
| Treasury | Isle of Man Treasury |
| Website | www |
| Valuation | |
| Inflation | 3.6% |
| Source | The World Factbook, 2004 |
| Pegged with | variant of pound sterling |
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The Manx pound (Manx: Punt Manninagh) is the currency of the Isle of Man, in parity with the pound sterling. The Manx pound is divided into 100 pence. Government notes and coins, denominated in pounds and pence, are issued by the Isle of Man Government.
The Isle of Man is in a sort of one-sided de facto currency union with the United Kingdom: the Manx government has decided to make UK currency legal tender on the island, and back its own independent currency with Bank of England notes.
Manx government notes may, on demand, be exchanged at par for Bank of England notes of equivalent value at any office of the Isle of Man Bank Limited. All notes and coins which are legal tender in any part of the United Kingdom (i.e. Bank of England notes), are legal tender within the Isle of Man.
Unlike Northern Irish and Scottish notes, the UK places 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, and there is no guarantee of payment beyond that given by the Manx authorities. However, the requirement in the island's Currency Act 1992 for the Isle of Man Treasury to exchange Manx Pound banknotes on demand for Bank of England notes in practice restricts the issue of unbacked currency, and the aggregate total of notes issued must be pre-approved by Tynwald.
Whilst ISO 4217 does not include a separate currency code for the Manx pound, where code distinct from GBP is desired IMP is generally used.
UK notes and coins (whether from banks in England, Scotland, or Northern Ireland) 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 Bank of England notes only. A number of businesses accept euros.
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Wikipedia