1 Crown – Isle of Man

In 1970, the Isle of Man's currency situation was defined by its unique constitutional position as a British Crown Dependency, which granted it a significant degree of autonomy in domestic affairs, including the issue of money. While the UK pound sterling (£) was legal tender and formed the bedrock of the island's economy, the Manx government had long exercised its right to produce its own distinct currency. These Manx pounds, issued by the Isle of Man Government Treasury, were pegged at par with sterling and circulated alongside Bank of England notes and UK coinage. This system created a practical duality where both sets of notes were used interchangeably in daily life, though Manx notes were generally not accepted in the wider United Kingdom.

The design of the island's currency in this period was a direct reflection of its national identity and heritage. The banknotes, in denominations of £1, £5 and £10, prominently featured the triskelion symbol (three bent legs) and the image of Queen Elizabeth II on the obverse, while the reverse celebrated Manx history and culture with depictions like the Viking longship on the £1 note. This was a conscious effort to distinguish the island's currency visually from sterling, even as it remained economically tied to it. The coins, which were first introduced in the modern era just a few years prior in 1965, also carried unique Manx symbolism, such as the Manx Loaghtan sheep and the Celtic cross.

This arrangement provided the Isle of Man with both economic stability, through its fixed link to the sterling area, and a tangible symbol of its political autonomy. There was no desire for monetary independence in terms of a separate exchange rate, as the island's economy was deeply integrated with that of the UK. The system functioned smoothly, with the Isle of Man Bank (a joint venture by the Westminster and Manx governments) acting as the currency issuer. The year 1970 thus represents a point of established tradition, where the island's currency was a settled and proud expression of its special status within the British Isles, a system that would see further evolution with the establishment of the independent Isle of Man Bank in 1975.