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On British banknotes, pound coins, and postage stamps, Queen Elizabeth’s likeness has become a common sight. Many people have, however, questioned what will happen to the iconic picture of the monarch on British coinage as the country now laments her passing. They have questioned whether her picture will still be on the currency and whether it will still be regarded as legal tender.
The monarch-themed banknotes and coins will still be recognized as legal tender, according to a statement from the Bank of England on September 9. The first monarch to appear on banknotes issued by the Bank of England was Queen Elizabeth.
The Bank of England indicated in a statement that “current banknotes bearing the picture of Her Majesty the Queen will continue to be legal tender. A further announcement about existing Bank of England banknotes will be issued once the time of mourning has been observed.”
According to the bank, the official period of mourning will end seven days following the Queen’s funeral, at which point a formal announcement on the nation’s currency would be made.
Monday, September 19, is set aside for Queen Elizabeth’s funeral.
The Queen’s image can also be found on a variety of banknotes and coins that are part of the Commonwealth, a collection of 54 countries that were almost all once British colonies.
It will be a massive undertaking for the Bank of England, which prints the currency, and the Royal Mint, which makes the nation’s coinage, to withdraw that money from circulation and replace it with notes bearing the likeness of King Charles III.
In the UK, the central bank estimates that there are more over 4.7 million banknotes in circulation, totaling £82 billion ($95 billion). Approximately 29 billion coins are now in use, according to the Royal Mint.
The new currency will likely be introduced gradually and continue to be accepted as legal tender alongside the current notes and coins for a while.
The Royal Mint of Britain ought to issue coins with images of Charles.
Since King Charles II took the throne in the 17th century, British coinage has adhered to the tradition of depicting a new monarch’s face facing the opposite direction from that of his or her forebear. On coins, Elizabeth is facing right, while Charles is predicted to come out to the left.
