Coming soon to banknotes around the world: King Charles


London
CNN business

Billions of banknotes and coins around the world with portraits Queen Elizabeth II It will be replaced after her death.

For nearly 70 years, the Queen’s image has appeared on British coins, with various portraits of her in profile depending on her age. She was the first British monarch to appear on banknotes in her 60-plus years. Her portrait also appears on the currency of several countries once under British rule.

Five portraits have appeared on British coins since 1953, a year after the Queen ascended to the throne. She has appeared on national banknotes since her 1960s.

But now the Bank of England, which prints the country’s banknotes, and the Royal Mint, which produces the coins, face a considerable task of pulling it off. currency out of circulation Replace with money containing a portrait of Charles III.

There are more than 4.7 million banknotes in circulation in the UK, worth a total of £82 billion ($95 billion), according to the central bank. According to the Royal Mint, there are approximately 29 billion coins in circulation.

The new currency may be introduced gradually and coexist with the old banknotes and coins as legal tender for a period of time.

A similar phase-in took place in 2017, when the Royal Mint began issuing new 12-sided £1 coins. The new coin was in circulation at the same time as the old round 1 pound and was used for six months before the latter lost its status as legal tender.

But cash isn’t the only thing that needs a makeover. Britain faces a massive operation to change the royal insignia on thousands of postboxes and newly issued passports.

In a statement posted on its website, the Royal Mint said coins bearing the Queen’s likeness ” remain in circulation as legal tender” and during “this period of respectful mourning,” He said production would continue as normal.

The Bank of England has released the Queen’s ‘iconic portrait’ [were] It is synonymous with some of its most important works.

“Current banknotes featuring the image of Her Majesty the Queen remain legal tender,” it said in a statement Thursday. (At one point on Friday, so many people were trying to access her website at the Royal Mint that a virtual queue had formed to get in.)

The central bank said it plans to replace existing banknotes once the mourning period ends. The Royal Mint also said it would make an announcement in due course.

The Queen’s image is also featured on some banknotes and coins of the Commonwealth of Nations, the union of 54 former British colonies.

In Canada, where the Queen is the head of state, her image appears on the plastic $20 bill.

“The current polymer $20 bill is intended to remain in circulation for several years. If the monarch changes, there is no legal requirement to change the design within a given period,” a Bank of Canada spokesperson said. Amelie Ferron Craig said in a statement to CNN Business.

Canada’s finance minister is responsible for approving the design of new banknotes, and the issuance of these banknotes typically takes several years, Ferron-Craig added.

Australia also has a portrait of the Queen on the five dollar bill. The Reserve Bank of Australia said on Friday there would be no “immediate change” to banknotes.

He added that the five-dollar bill “will not be withdrawn” and will likely remain in circulation for years.

Source: www.cnn.com

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