The Finance Ministry of the Isle of Man recently issued a new Palladium Angel coin which marks the 210th anniversary of the year William Hyde Wollaston discovered Palladium. The lustrous and rare silvery-white metal was discovered in 1803 and was named after the asteroid Pallas after the Greek goddess Athena who was known as Pallas Athena, the then daughter to Zeus, goddess of war and many other skills and crafts. She appears dressed in full armour and a large helmet. Her greatest sanctuary was the Parthenon in Athens which she won after competing against Poseidon.
The Isle of Man economy depends on several sectors including tourism aviation, e-gaming, and finance. The island’s Parliament makes its own laws and oversees all internal affairs, both social and fiscal policies including the exchange rate although the United Kingdom overseas external issues such as defense and foreign administration. With the fast growth of the island’s international finance centre, came the need to strengthen the Isle of Man Palladium, the image and reputation of the island with proper guidelines and supervision and effective regulation. The Finance Services Authority was formed to oversee this. It licenses and supervises all banks, businesses and investments, building societies and other vehicles carrying business in the island.
Pobjoy Mint, while naming this fascinating metal took time to honour the history behind the Isle of Man Palladium Angel coin, included a design which bears a graceful image of Athena and depicts the goddess from the side, donning her helmet and with her shield to her left and spear carried in her right. The obverse of the coin features an effigy of Queen Elizabeth 11.
The Isle of Man has attracted an enviable reputation for technical excellence combined with superior innovation, with such notable achievements that include the World’s first circulation base-metal pound coin minted in 1979, which is the only seven-sided coin with an edge inscription, and the first bimetal coin in gold and titanium. The Isle of Man’s banking industry is dominated by branches or subsidiaries of the major British clearing banks and building societies although many other foreign banks have their presence and compete favorably well.
