The Treasury is to ask MHKs to support giving it the power to remove 1p, 2p and 5p coins from circulation.
It stresses that there is no immediate plans to do this, this is about having the power to do it if the UK was to.
The House of Keys order paper reads: “The cost of minting these coins now exceeds their face value which is why no Manx 1p and 2p coins have been minted since 2016.
“Furthermore, recent years have seen a significant decrease in the use of coins and notes to settle monetary transactions.
“In this context, the Treasury sought the view of the public on the withdrawal of these small denomination coins from general circulation in the future to gauge what actions could be taken now and/or in anticipation of such withdrawal happening in the UK”
This move would also create a legal basis for rounding cash transactions in anticipation of the small denomination coins being withdrawn from circulation.
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