Isle of Man Currency Design

The Treasury launched a consultation to gather public opinion on future designs of Isle of Man coins and notes. Key areas included:

• Replacing or updating the current note designs
   
• Public views on retaining existing coin and note designs
   
• Ranking the proposed themes in preferences order for design ideas for the Isle of Man Government notes and coins
   
• Whether to retain the current round coin or introduce a 12-sided version

The consultation ran for seven weeks from 11 September 2023 and closed on 23 October 2023. Feedback was gathered via the online consultation hub.

The consultation received 681 responses, mostly through the online portal, with one written submission.

Key feedback included:

• There was support for clearer brighter colours and better sizing for visually impaired users
   
• Almost half of the respondents favoured completely redesigning the notes with updated features for improved accessibility and security, while 30% wished to keep the same designs but for the notes themselves to be modernised with updated security features
   
• Concerns were raised about the cost of redesigning the currency
   
• 55 respondents questioned whether the Lord of Mann should be featured on the Isle of Man currency
   
• Mixed responses were received on changing the £1 coin design – half of the respondents supported alignment with UK

• Banknote redesign: The Treasury has commenced the preliminary redesign of the Isle of Man’s banknotes following the change in Monarch. This work has been informed by the outcomes of the recent public consultation on note design. The redesign process is expected to take between 18 months and two years. Further information, including details on the release of the new notes, will be issued through official channels in due course
   
• Coinage design: While the Island’s coinage features varying designs each year due to special issues, the core annual collection has remained consistent. This consistency will continue until the next scheduled review in 2026/27. Insights from this consultation will assist the Treasury in shaping future coin designs during that review

• The Treasury acknowledges the value of the extensive feedback received and will continue to draw on it to inform future currency policy and planning
   
• Concerns about costs, accessibility and security will be considered in any redesign decisions