The Queen's death: What will happen to money in Britain and the Commonwealth?
As the world mourns Queen Elizabeth II's death, the Bank of England has declared that banknotes bearing her portrait will gradually fade out, yet remain legal tender.
Queen Elizabeth II’s death sent shockwaves around the world on Thursday 8 September, following an announcement that she was receiving medical care in Balmoral. The queen – admired for her wit, charm, and 70 years of service – has gone down in history as a British icon. Her portrait proudly smiles on British and Commonwealth banknotes, but now thatKing Charles III has taken the throne, will the new monarch be printed on money?
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The short answer
The short answer is yes. Sky Newsreported that an affiliate of the Royal Mint, The Coin Expert, has confirmed that currency will begin to be circulated bearing Charles’ portrait.
More under this adMore under this adThat said, the transition will be gradual. For at least the rest of the year, Queen Elizabeth II will continue to appear on coins and banknotes, before being reprinted in Charles’ honour. Even once reprinting begins, money featuring the late queen will remain in circulation.
According to Reuters, banknotes portraying the queen remain legal tender. The Bank of England said:
Current banknotes featuring the image of Her Majesty The Queen will continue to be legal tender. A further announcement regarding existing Bank of England banknotes will be made once the period of mourning has been observed.More under this adMore under this ad
The longer answer
The Commonwealth has also declared that currency printed with the queen’s portrait will remain legal tender alongside new money featuring King Charles III.
More under this adMore under this adIn Canada, coins and $20 bills currently feature Queen Elizabeth II. Investing.comsays that the turnaround for new coins is likely to be faster than that of banknotes. However, if the Royal Family rejects the proposed portrait of Charles on Canadian coins, the minting process could be slowed.
In Australia, King Charles III is expected to be on coins in 2023, and these new coins will co-circulate with existing coins featuring the queen. There will be ‘no immediate change’ to their $5 banknotes, however, says an ABC News article quoting the Reserve Bank of Australia.
More under this adMore under this adThe world isn't quite ready to let go of the Queen's presence on money just yet. But even when the late Queen Elizabeth II does eventually fade from circulation, her memory will forever live on in our hearts.
Read more:
⋙ The Queen's death: What will happen now according to Operation London Bridge?
⋙ Elizabeth II: Where will the Queen of England be buried?
⋙ Queen Consort: Why was Camilla named Queen Consort and not Queen?