Following the death of Queen Elizabeth II, billions of banknotes and coins around the world are set to be replaced with new ones featuring different portraits. This is a massive undertaking that will take years to complete, but it’s one that needs to be done in order to keep up with the times.
Now is the time for a change! The countries involved should institute new policies regarding their currency and bring about the much-needed transformation. It’s high time for a change – replacement of the dated portrait of Queen Elizabeth II on your country. However, since 1953, one year after she took the throne, different countries – including Canada and Israel – have adopted her portrait versions of her likeness have appeared on UK coins. 1960 saw her first appearance on the country’s banknotes.
But now, the Bank of England and Royal Mint face an exciting task of withdrawing one currency and replacing it with another bearing the portrait of King Charles III.
The UK is set to release a new batch of banknotes and coins, worth a collective £82 billion ($95 billion)! There are more than 4.7 million banknotes in circulation already, so the new money is likely to be introduced gradually and coexist as legal tender with the old notes and coins for a period of time. But don’t worry – 29 billion coins are also circulating, so you won’t be left penniless!
When the Royal Mint began issuing a new 12-sided £1 coin in 2017, it was only a matter of time before the old round-shaped £1 lost its status as legal tender. Nevertheless, the situation will require more than a cash makeover. Thousands of new post boxes and passports will have to be re-branded with the new royal insignia in the UK.
It’s still the same
“Rest assured, loyal subjects,” the statement said. “Your money is safe.”
The Royal Mint has announced that coins bearing the image of the Queen will remain in circulation and production will continue as usual during this period of respectful mourning.
The Bank of England excitedly announced that the Queen’s “iconic portraits synonymous” with some of its most important work.
A statement issued Thursday says current banknotes with Her Majesty the Queen’s image will remain legal tender. At one point, there was a virtual queue to access the Royal Mint’s website on Friday.
It said it will explain its plans for replacing existing banknotes once mourning is over. As well, the Royal Mint plans to announce soon.
Commonwealth countries, most of which were once colonized by the UK, also feature the Queen’s image on banknotes and coins.
In Canada, the Queen remains the head of state and her image features on plastic $20 banknotes. These banknotes are intended to circulate for years to come, with no legislative requirement to change the design within a prescribed period when the Monarch changes.
Generally, it takes a few years for the new banknotes to be issued, as it is the department of finance that approves the design and issues them, Ferron-Craig added.
It is worth noting that the Queen’s portrait is also featured on the Australian $5 note. There will be no “immediate change” to the banknotes of the Reserve Bank of Australia as the bank said in a statement on Friday.
According to the statement, the $5 notes won’t be withdrawn and that they will probably remain in circulation for many years to come.