The pound notes are visible in this example taken on March 1, 2022.
The image of Queen Elizabeth has become a familiar sight on British banknotes, pound coins and postage stamps. However, many have wondered what will happen to the monarch’s iconic image on British coins as the nation now mourns his passing. He has questioned whether his image will remain printed on the money and whether it will still be accepted as legal tender.
The Bank of England announced on 9 September that banknotes and coins bearing the image of the monarch will continue to be accepted forms of payment. Queen Elizabeth was the first monarch to be inscribed on the Bank of England banknotes.
“Existing banknotes bearing the image of Her Majesty the Queen will continue to be legal tender,” the Bank of England said in a statement.
The bank said a formal announcement about the country’s currency would be made seven days after the Queen’s funeral, after the official time of mourning had ended.
Queen Elizabeth’s funeral will take place on Monday, 19 September.
The Commonwealth, a group of 54 nations that were almost all once British colonies, also features the Queen’s portrait on various banknotes and coins.
This would be a major task for the Bank of England, which prints the country’s banknotes, and the Royal Mint, which produces its coins, to remove that cash from circulation and replace it with bills bearing the image of King Charles III. would to.
The central bank estimates that there are more than 4.7 million banknotes in circulation in the UK, totaling £82 billion ($95 billion). According to the Royal Mint, there are also about 29 billion coins in circulation.
The new currency is probably being introduced gradually and has coexisted as legal tender with previous notes and coins for some time.
Image of King Charles III on currency: what would that look like?
Charles-themed coins must be issued by Britain’s Royal Mint.
Since King Charles II’s ascension to the throne in the 17th century, British coinage has followed a custom depicting the view of a new leader facing the opposite direction from his predecessor. Elizabeth faces right on the coins, but Charles is expected to emerge facing left.