London ( Business) — Billions of banknotes and coins from around the world bearing the face of Queen Elizabeth II will be replaced after her death.
For almost 70 years, the queen’s image has appeared on UK coins, with different portraits of her profile as she aged. She has graced the nation’s banknotes for more than 60 years, being the first British monarch to do so. Her portrait also appears on the currency of several countries that were under British rule.
Since 1953, a year after the queen came to the throne, UK coins have carried five different versions of her portrait. The queen appeared on the country’s banknotes beginning in 1960.
But now the Bank of England, which prints the country’s notes, and the Royal Mint, which manufactures its coins, face the considerable task of remove that coin from circulation and replace it with money with the portrait of King Carlos III.
There are more than 4.7 million notes in circulation in the UK, with a collective value of 82 billion pounds ($95 billion), according to the central bank. There are also some 29 billion coins in circulation, according to the Royal Mint.
The new money is likely to be gradually introduced and co-exist as legal tender with the old bills and coins for some time.
A similar phase-in occurred in 2017, when the Royal Mint began issuing a new 12-sided £1 coin. The new coin circulated concurrently with the old round-shaped pound sterling for six months before the latter lost its status as legal tender.
But it’s not just the cash that will require a makeover. The UK is facing a gigantic operation to change the royal insignia on thousands of postboxes and newly issued passports.
no changes yet
The Royal Mint said in a statement on its website that coins bearing the image of the queen “remain legal tender and are in circulation,” and that their production will continue as usual during “this period of mourning.” respectful”.
The Bank of England said that the “iconic portraits of the queen [eran] synonym” of some of his most important works.
“Current banknotes bearing the likeness of Her Majesty the Queen will remain legal tender,” it said in a statement on Thursday. (At one point on Friday, so many people were trying to access the Royal Mint’s website that there was a virtual queue to get in.)
The central bank said it would outline its plans to replace existing banknotes after the mourning period ends. The Royal Mint also said it would make an announcement in due course.
The queen’s image also appears on some notes and coins of the Commonwealth, an association of 56 countries, almost all of them formerly colonized by the United Kingdom.
In Canada, where the queen is still the head of state, her image appears on Canadian $20 bills.
“The current $20 polymer note is meant to circulate for years. There is no legislative requirement to change the design within a certain timeframe when the monarch changes,” Amelie Ferron-Craig, a Bank of Canada spokeswoman, said in a statement. a statement to Business.
Canada’s finance minister is responsible for approving the design of new banknotes, Ferron-Craig added, and such banknotes typically take a few years to issue.
Also in Australia, the Queen’s portrait appears on the Australian $5 note. The Reserve Bank of Australia said on Friday there would be “no immediate changes” to its notes.
He added that his Australian $5 notes “will not be retired” and will likely remain in circulation for years.
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