When will the new pound bills with the face of King Charles III start to circulate in the UK?
With Queen Elizabeth’s death a raft of changes will be taking place including changing the currency of multiple nations, though it will take some time.
The Queen has been the face, literally, of currencies around the world for 69 years. Her passing means a change will be needed and her heir and successor Charles III is to take up the mantle in matters of state and coinage.
The new coins will have the face of King Charles III facing the opposite direction to the late Queen Elizabeth, keeping up a royal tradition. An example of this is shown upon a commemorative coin released in 2019 with Charles upon it.
However, just because the Queen has died does not mean that the billions of pounds-worth of coins are suddenly worthless.
“Current banknotes featuring the image of Her Majesty The Queen will continue to be legal tender,” the Bank of England said.
An announcement on existing paper money issued by the UK’s central bank will be made after the official 10-day mourning period has ended, it added.
When Queen Elizabeth became monarch in 1952, it was only in 1959 that British coins were finally produced with her likeness upon it. Charles is unlikely to have a significant number of notes minted soon as the Royal Mint and Bank of England will want to keep the control of the currency under their thumb.
“Rather than all of the current coins and notes being handed in, the process will be a gradual one and many of the coins featuring portraits of Queen Elizabeth II will remain in circulation for many years to come,” say Coin Expert, a British coin research website.
What about the other nations with Queen Elizabeth on their currency?
Besides the UK, the queen is on the coinage of dozens of nations around the world, including Canada, Australia, and New Zealand. These will also need to be changed but there is no official time frame in which this will need to be completed. This also depends on when the financial institutions in said nations decide it is appropriate for more cash to be in circulation.
Canada was actually the first country to have the queen on its currency in 1935, when she was known as Princess Elizabeth. It was part of a new range of notes for her grandfather King George V.