What will happen to the currencies featuring Queen Elizabeth II after Charles's ascension? - The Daily Guardian

Namish Agarwal — September 10, 2022, 1:05 pm

Queen Elizabeth II has been depicted on British banknotes and coins for decades. The monarch’s portrait has also been featured on currencies in dozens of other places around the world.

So, will the currencies be swapped out now? Here’s all you need to know about the currency conundrum the world faces after Queen Elizabeth’s demise:

Will the Monarchs turn on the currency?

The queen’s portrait on British notes and coins is expected to be replaced by the new King Charles III, but the move will not be immediate.

The Bank of England announced earlier that “Current banknotes featuring the image of Her Majesty the Queen will continue to be legal tender.”

As 4.7 billion UK banknotes worth 82 billion points are currently in circulation along with 29 billion coins, currency with the Queen’s image will be in circulation for years.

What about the currencies in other countries featuring the Queen?

Other nations’ currencies which feature the Queen, like Australia, New Zealand and Canadian dollars, will be updated with the new monarch, but this process could also take a long time. The Bank of Canada said, “There is no legislative requirement to change the design within a prescribed period when the Monarch changes.”