America’s Cup Challenge was held in Gage Roads during the Australian summer months between October 1986 and February 1987. The Isle of Man Palladium America’s Cup Challenge coin was struck under the authorization of the Government of Western Samoa and approved by the Royal Yacht Club in Perth. The 1 oz Isle of Man Palladium America’s Cup Challenge Coin features a yacht in action.
A challenge coin is a nearly 100 years old military tradition that gradually assimilated into popular culture. It is a medallion bearing an organization’s emblem or insignia and is carried by members of the organization at all times. In addition, challenge coins are also collected and traded by supporters and members of the organization and other groups. If challenged, a member of the organization must produce his coin immediately or pay the consequences of losing the challenge, usually a round of drinks of the group’s preferred choice.
Besides using the coins for challenging, they can be used as awards or rewards for outstanding performance while on duty, making them the perfect tool to build morale. Military officials regularly issue them to non-military personnel for outstanding service or rewards. This tradition began with American Special Forces during the Vietnam War. As officers were reassigned and their careers progressed, officials introduced the tradition of awarding a unit coin (Isle of Man Palladium America’s Cup Challenge coin for example) for recognition of noteworthy acts of valor and merit.
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 center, 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.
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.