Following Queen Elizabeth II’s death, billions of banknotes and coins worldwide will be replaced with new ones featuring different portraits. This massive undertaking will take years to complete, but keeping up with the times is necessary.
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 – the replacement of the dated portrait of Queen Elizabeth II in 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)! More than 4.7 million banknotes are in circulation already, so the new money is likely to be introduced gradually and coexist as legal tender with the old notes and coins.
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 respectful mourning period.
The Bank of England excitedly announced that the Queen’s “iconic portraits are synonymous” with some of its most important work.
A Thursday statement says current banknotes bearing Her Majesty the Queen’s image will remain legal tender. On Friday, there was a virtual queue to access the Royal Mint’s website.
It said it will explain its plans for replacing existing banknotes once mourning is over. The Royal Mint plans to announce this 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 is featured on plastic $20 banknotes. These banknotes are intended to circulate for years, and there is no legislative requirement to change the design within a prescribed period when the Monarch changes.
Ferron-Craig added that it generally takes a few years for the new banknotes to be issued as the Department of Finance approves and issues the design.
It is worth noting that the Queen’s portrait is also featured on the Australian $5 note. As the bank said in a statement on Friday, there will be no “immediate change” to the Reserve Bank of Australia banknotes.
According to the statement, the $5 notes won’t be withdrawn and will remain in circulation for many years.