<P> Unlike Northern Irish and Scottish notes, the UK does not require the Isle of Man government to back the Manx notes and coins with Bank of England notes or securities . There is no restriction under UK law on the number of notes and coins they may issue . The notes and coins are not underwritten by the UK government, and there is no guarantee of convertibility beyond that given by the Manx authorities . However, the requirement in the island's Currency Act 1992 for the Isle of Man Treasury to exchange Manx Pound banknotes on demand for Bank of England notes in practice restricts the issue of unbacked currency, and the aggregate total of notes issued must be pre-approved by Tynwald . </P> <P> ISO 4217 does not include a separate currency code for the Manx pound, but where code distinct from GBP is desired, IMP is generally used . </P> <P> UK notes and coins (whether from banks in England, Scotland, or Northern Ireland) are generally accepted in the Isle of Man, but Manx notes and coins are not generally accepted in the UK . To assist those travelling, the ATMs at the Sea Terminal, Douglas, and at Isle of Man Airport issue Bank of England notes only . A number of businesses accept euros . </P> <P> 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 the Court of 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). </P>

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