Queen Elizabeth II: Keeping your old bank notes could make you a fortune

This week (week of 6 August 2023), new 50p coins entered circulation. While this would usually not make the news, these coins are very special as they mark the coronation of King Charles III.

This is not the first change in coins as already in December 2022, people could spot the King’s head on some 50p coins. However, this one is historically significant. It depicts Westminster Abbey where the coronation took place, marking a real moment of History.

While at the moment there isn’t a clear schedule regarding the release of more coins and banknotes effigy of the King, one thing is already certain. As Queen Elizabeth’s face is replaced by her son’s, the bank notes and coins produced during her reign will see their worth rise.

Money is a piece of History

When a monarch dies and is replaced by the next in line, a lot of things change and it’s in such moments that we realise how predominant the Royal Family is.

Indeed, items of everyday life like stamps, coins and banknotes are directly impacted by a change of monarch.

According to the BBC, ‘there has been no timetable announced yet for other new coins to be issued’ but they should be coming in the next year. Furthermore, the strategy so far has been to ‘use up existing stocks from Queen Elizabeth II's era.’

It should be noted that coins and banknotes aren’t just issued at random. Their designs are always carefully crafted and, as everything regarding the Royal Family, they have to follow tradition and protocol. For instance, if you happen to be lucky enough to get your hand on a King Charles III coin, you will notice that he faces in the opposite direction of Queen Elizabeth.

This new coin is already said to be highly popular and therefore worth more than its original 50p. Indeed, it is regarded as a real ‘piece of History.’ At the moment only 5 million of these coins have been issued.

But they aren’t the only coins and banknotes you should keep.

Read more:

⋙ Queen Elizabeth II: Money featuring Her Majesty's portrait could be worth thousands

⋙ The Queen's death: What will happen to money in Britain and the Commonwealth?

How much could you make with banknotes with Queen Elizabeth’s face

According to thisismoney.co.uk the death of Queen Elizabeth II means that money effigy of her will gain value.

They explain:

rare coins and banknotes with images of this much beloved monarch remain a lasting legacy whose values are expected to grow

According to Gregory Edmund, ‘a senior specialist at coin and banknote trader Spink’, the lasting reign of Queen Elizabeth as well as the fact that she became the strongest icon of the monarchy is excellent for people who want to invest or collect coins and banknotes issued during her reign.

He says:

The Queen's place in history is only going to grow in importance over time and this is likely to be reflected in the value of rare coins and banknotes

However, Edmund specifies that not all coins and banknotes will have the same value. Collectors and investors should therefore look for ‘anomalies’ or money issued in very limited numbers. An example the expert gives is of a 2p piece from 1983. The Queen is on one side while on the other the words ‘New Pence’ are written. This is a mistake as it should read ‘Two Pence.’ This coin now sells ‘for as much as £1,700.’

Finally, Pam West, of trader British Notes, says:

Queen Elizabeth II was the first monarch to feature widely on banknotes and this increases her appeal for those who are considering an investment.

Two tips for those wanting to invest in this: look out for serial numbers as well as the amount of banknotes and coins issued.

These two things could guarantee you thousands of pounds. And as time goes and History continues to write itself, the value of coins and banknotes effigy of Queen Elizabeth are sure to soar.

Read more:

⋙ Prince Harry stripped of his Royal Highness title: What does it actually mean for the Duke?

⋙ Prince Harry and Meghan Markle as world leaders: Is it so hard to imagine?

Sources:

BBC News: Special King Charles Coronation 50p coins issued

Thisismoney.co.uk: How the Queen's coins and banknotes can help your wealth soar: We reveal the note that's up 339,900% - and the other rare money you could find

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