1 Angel – Isle of Man

In 2011, the Isle of Man's currency situation was defined by its long-standing and stable arrangement with the United Kingdom. The Manx government issued its own distinct banknotes and coins (pounds sterling, but with unique Manx designs), which circulated alongside Bank of England notes. Crucially, the Isle of Man pound was not a separate currency but was pegged at par with sterling, a relationship underpinned by a currency union and backed by reserves held in UK government securities. This system provided economic stability and facilitated seamless trade with its largest partner, the UK.

The year 2011 fell within the broader context of the global financial crisis and subsequent European sovereign debt crisis. While the Isle of Man's banking sector faced scrutiny and pressure, its currency peg remained secure. The primary focus for the Manx authorities was not on monetary policy—which was effectively set by the Bank of England—but on fiscal consolidation and maintaining the island's reputation as a well-regulated finance centre. There were no significant debates or moves to alter the fundamental currency link with sterling during this period.

Therefore, the background for 2011 is one of continuity. The island benefited from the credibility of the pound sterling during a time of global economic uncertainty, while retaining the symbolic sovereignty of its own note issue. The stability of this arrangement stood in contrast to the currency turmoil seen in the Eurozone, reinforcing the Isle of Man's chosen policy of a fixed, dependent monetary system linked to the UK.