IMP 1 | Bank Note | One Manx Pound | Kae Kae | CurrencyStackerKK | Isle of Man | Europe
1 Isle of Man Manx Pound
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. Notes and coins, denominated in pounds and pence, are issued by the Isle of Man Government.
The First Manx coinage was issued privately in 1668 by John Murrey, a Douglas merchant, consisting of pennies equal in value to their English counterparts.
These “Murrey Pennies” were made legal tender in 1679, when Tynwald outlawed the unofficial private coinage that had been circulating prior to and alongside John Murrey’s pennies (English coinage was also allowed by this Act).
Due to the difficulty of maintaining the supply of coins on the island, in 1692, the value of the Manx coinage was decreased, with English crowns circulating at 5 shillings 4 pence, half-crowns at 2 shillings 8 pence and guineas at 22 shillings. At that time, Tynwald also forbade the removal of money from the island, in an attempt to maintain supply.
In 1696, a further devaluation occurred, with all English silver and gold coins valued at 14 Manx pence for every shilling. Between 1696 and 1840, Manx copper coins circulated alongside first English, and later British silver and gold coins at the rate of 14 pence to 1 shilling. As in England, there were 20 shillings to the pound. Thus, after 1696, £100 sterling was worth £116 13s 4d Manx.
In 1971 the United Kingdom moved to a decimal currency, with the pound subdivided into 100 pence. The Isle of Man Government, having issued its own banknotes for ten years, took the opportunity to approach the Royal Mint and request its own versions of the decimal coins, which were introduced in 1971.
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