Treasury to issue advice on spotting fake pound coins
The Treasury Minister admits the Island could see more counterfeit pound coins being used locally once the UK introduces its new 12-sided coin.
The Isle of Man will be keeping the round pound coin alongside the pound note when the Royal Mint withdraws the round pounds from circulation later this year.
Alfred Cannan says there is potential for an increased flow of fake coins to come to the Island, with around 3% of those in use thought to be counterfeit.
As a result, the Treasury will be working with local businesses to ensure they know how to spot fakes, while vending machines should be able to tell the difference.
UK round coins will be sorted and returned to the Royal Mint once the 12-sided coins are brought in, leaving only Manx round pound coins in use here.