What Will Happen To The Banknotes Worth $95 Billion Featuring Queen Elizabeth II¡¯s Image?

The Bank of England has a huge task in its hands while the nation mourns the demise of Queen Elizabeth II. What happens now to the banknotes and coins featuring Queen Elizabeth II¡¯s image?

Over multiple decades, the monarch¡¯s image became a familiar sight on British bank notes, pound coins, and postage stamps. But will the monarch's image remain on the money and will it still be accepted as legal tender?

The Bank of England declared on September 9, 2022, that banknotes and coins bearing the image of the monarch will continue to be the accepted forms of payment. As per various media reports, the Central bank estimates that there are more than 4.7 million banknotes worth a total of ?82 billion ($95 billion) in circulation in the UK. According to the Royal Mint, there are also about 29 billion coins in circulation.

Bank of England/Flickr

"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," the Bank of England said in the statement, as per NDTV.

The bank also said that a formal declaration regarding the country's currency will be made seven days after the Queen's funeral, once the official time of mourning has finished.

Queen Elizabeth II's funeral is set to take place on Monday, September 19, 2022. The first Bank of England note to feature the Queen¡¯s portrait was the ?1 note issued in 1960.

The report also mentioned that the new currency is probably going to be introduced gradually and may reportedly co-exist as legal tender with the previous notes and coins for a while. Undoubtedly, it will be a huge task for the Bank of England, which prints the nation's banknotes, and the Royal Mint, which produces its coins, to remove that much worth of cash from circulation and replace it with the image of King Charles III.

Coins with King Charles III's image should be released by the Royal Mint of Britain. As per various media reports, coins featuring King Charles III will show him facing to the left, replacing the queen¡¯s rightward gaze in line with a tradition dating to the 17th century. It dictates monarchs be shown in profile and in opposite direction to their predecessors.

TheGuardian/PA

The Commonwealth, a grouping of 54 nations that were nearly all once British colonies, also features the Queen's picture on various banknotes and coins, the report mentioned.

Also Read: How RBI Creates & Distributes Indian Rupee Banknotes

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