The Bank of England announced that King Charles III and Queen Elizabeth II’s images will be in circulation concurrently in the United Kingdom.
King Charles III-emblazoned currency is not anticipated to go into circulation until mid-2024, according to a statement released by the Bank of England early on Tuesday. However, the likeness of the king that will be on the bank notes will be made public before the end of this year.
According to a bank statement, Queen Elizabeth II’s image will be replaced by King Charles’s on four bank notes: the £5, £10, £20, and £50 notes. There will be no further alterations to these notes.
The portrait of Queen Elizabeth won’t suddenly vanish from the money. Queen Elizabeth’s image will be on notes only if they become “worn or damaged,” the bank stated, in accordance with instructions from the royal family to “minimize the environmental and economical impact of the change of queen.” To “replace damaged bank notes and to fulfill any overall rise in demand for bank notes,” new notes with the picture of King Charles will be printed.
British coinage will undergo a similar transformation. The Royal Mint estimates that it will take at least a few months to produce and introduce coins with the image of King Charles into circulation.
Additionally, the switch to King Charles coins will be gradual. As King Charles coins are issued, coins with the image of Queen Elizabeth will continue to be in use. According to a statement released on Tuesday by the Royal Mint, there are close to 30 billion coins with Queen Elizabeth’s face on them. Like bank notes, these coins will only be replaced if they are damaged or if there is a demand for new coins.
As a result, King Charles III and Queen Elizabeth II’s coins will circulate side by side in the United Kingdom. for a very long time,” declared Anne Jessopp, the Royal Mint’s CEO.
The Privy Council, a group of important advisors to the monarch, must approve the image of King Charles that will be on the coins even if specifics have not been made public.
The image of Queen Elizabeth on coins shows her looking to the right. The Royal Mint has not announced which way King Charles will face, although since Charles II’s reign in the 17th century, monarchs have always faced in the opposite direction as their predecessors, with the exception of Edward VIII.
Following the passing of Queen Elizabeth, concerns have been expressed concerning the use of her image not only on paper money but also on commonplace goods like ketchup bottles, postage stamps, and mailboxes. According to experts, changing her likeness on these items won’t come at a significant cost when compared to the monarchy’s overall expenses.
