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Moghrey Mie

New pound coins

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Oh lets change the money, give the people 2 years to trade in their old money then write it off like shops do with gift tokens. It's theft.

 

It is the people producing and circulating forged currency that are committing the theft. Two years is plenty of time to get rid of a few pound coins.

Governments and central banks printing more money and causing inflation are the thieves. When they print more money, the existing money supply loses value. Daylight robbery on a grand scale.

Except of course that isn't actually happening.

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Oh lets change the money, give the people 2 years to trade in their old money then write it off like shops do with gift tokens. It's theft.

It is the people producing and circulating forged currency that are committing the theft. Two years is plenty of time to get rid of a few pound coins.

Governments and central banks printing more money and causing inflation are the thieves. When they print more money, the existing money supply loses value. Daylight robbery on a grand scale.

Except of course that isn't actually happening.

What? Have you been in a coma since 2008? You need to do some research on ‘Quantitative Easing’.

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Will the IOM go for this as well?

 

Even Shoprite trolleys will need to be updated.

 

Buy a token for the shopping trolley and problem solved.

 

Reducing the number of fake pound coins in circulation can only be a good thing.

 

I've got a token but it's round. Problem not solved.

 

 

So if everyone had a token then the trolleys don't need updating...

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Will the IOM go for this as well?

 

Even Shoprite trolleys will need to be updated.

 

Buy a token for the shopping trolley and problem solved.

 

Reducing the number of fake pound coins in circulation can only be a good thing.

 

I've got a token but it's round. Problem not solved.

 

 

So if everyone had a token then the trolleys don't need updating...

 

 

just hang on to a few pound coins and use as tokens, I haven't seen a charity token for less that a quid so they could be the cheapest option

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Just asked Treasury if they are going to do anything about the new coin and the answer is as follows:

 

"Thank you for your email.

 

We currently do not have any plans to move to the new 12 sided £1 coin but we will be monitoring, with interest, the introduction of them in the UK next year.

 

You may be aware that from April next year a new mint will be supply Isle of Man coins (https://www.gov.im/news/2016/aug/05/tower-mint-to-produce-isle-of-man-coins/)and we will be discussing future designs of all Manx coins with them.

 

Kind regards

 

Investment and Banking Section

Treasury Finance Division, Isle of Man Government"

 

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The sooner we go completely cashless the better.

Give the government just 2 more years, and if they don't sort the govt pension crisis it will likely happen.

 

 

Here's a dopey idea: Perhaps the IOM govt should issue its own parallel currency with a fixed official rate against sterling for paying govt workers, pensions and contracts - and which, crucially, people would have to use to pay their taxes with. Those still not employed by govt after several weeks would effectively have to buy the worthless Manx pound in order to pay their taxes. This would magically allow govt to spend as much as it wanted locally and to directly control M0 via taxation (more or less). As much as was printed they could tax.

 

Granted nobody would want the worthless local money but apart from that it seems quite sensible. AFAIK John McDonnell has been looking at similar ideas in the UK. We could be a test ground for this stupid idea.

Edited by pongo

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If they'd started their own government owned bank, and insisted all island mortgages had to go through an island based lender, keeping the money in the Manx economy, we'd all be retired at 40 now.

 

Mega £zillions of inflated property money has fled the island. Same with utility companies, steam racket and others that rip us off and pass the profits to people who don't even live here.

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I wonder if IOM Banks will continue to allow the use of the current £ coins after 15th October?

I also wonder if our coin machines (parking etc) will be upgraded so that UK visitors can pay for their parking?

 

BBC News: "The round £1 will be legal tender alongside the new, more-secure coin until 15 October.

The public are being urged to use their current £1 coins or bank them before they lose their legal tender status."

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BBC News: "The round £1 will be legal tender alongside the new, more-secure coin until 15 October.

The public are being urged to use their current £1 coins or bank them before they lose their legal tender status."

 

After 15th October i'm assuming banks will still exchange old £1 coins for New ones?

 

I've got £1 coins in about 6 different savings jars, no doubt a few lost in drawers and behind the sofa.

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