COINS and banknotes will undergo a major overhaul following the Queen’s death.
King Charles III replaced her on the coin – but both portraits will remain in circulation for some time yet.
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The Royal Mint and Bank of England, which produce coins and notes, have said they will co-circulate at the same time.
All coins from the last 70 years feature Queen Elizabeth II.
The Queen has reigned since 1952, so most Brits will only have her face on their wallets, coins, notes and more.
Coins bearing the King’s effigy have already entered circulation.
They will circulate alongside coins depicting the Queen “for many years to come”, the Royal Mint said.
When will King Charles III’s face appear on coins and banknotes?
Banknotes bearing the new monarch entered circulation on June 5, 2024.
Banknotes already made with the Queen’s portrait will still be put into circulation.
New banknotes will only be printed to replace worn-out banknotes and to respond to any overall increase in demand for banknotes.
This is to reduce environmental impact and save costs.
On all current coins, the Queen’s portrait faces right, but Charles faces left because of a tradition that means the way the monarch faces must change with each new successor.
The most recent image of the Queen on coins is the fifth portrait, drawn by Jody Clark.
It was issued in 2015 and shows the Queen’s side profile wearing a crown and dangling earrings.
This characteristics in £1 coins, £2 coins, 50ps and 20ps, even copper pennies.
However, on British banknotes, a similar image of the Queen has existed since the 1990s.
New coins and notes were made when the Queen’s father, George VI, the former King of England, also passed away.
When will coins and notes with the Queen’s face end?
The current drawings in circulation will be discontinued and a new drawing representing the new head of state will replace them.
But not everything will happen immediately.
Any coins or notes you have now will still be legal tender for a while.
We don’t know exactly when each drawing will be removed from circulation.
There are around 27 billion coins in circulation in the United Kingdom bearing the Queen’s effigy.
They will be replaced over time as they become damaged or worn out and to meet demand for additional coins.
When the Queen came power however, coins bearing his father’s image remained in circulation for nearly 20 years after his death.
But they were removed when decimalization was introduced in 1971.
Coin production will not stop abruptly either.
The Royal Mint makes between three million and four million coins a day, and is likely to continue production of the current portrait and design until at least the end of the year.
This means we won’t see new styles emerging in change until 2024. The same goes for notes.
Banknotes underwent a major style change when they went from paper to plastic – and the slow process means some paper copies are still legal tender even now.
But bank notes are updated approximately every 15 years, so it won’t be long before the current designs disappear completely.
What kind of value will current coins and notes have?
As the Queen coin will eventually stop being produced, it will be harder to find.
This means collectors will be more desperate to Photograph Copies increase as they become rarer over time, with new designs taking the lead in popularity and production.
Rarer coins and notes are often more valuable and can sometimes sell for hundreds of pounds more than face value at auction – if the right bidder is interested.
What are the rarest and most valuable coins?
- Five rarest coins – do you have one?
- The 13 most valuable £2 coins in circulation
- What are the rarest £1 coins worth?
- Rarest and most valuable 50 cent coins in circulation
- Rare and valuable 20p coins that could be worth up to £750
- The rarest 10 cent coins in circulation
- Rare 2p coins revealed
- How to check if you have a rare and valuable banknote
Does this affect anyone outside the UK?
During her reign, the Queen was head of the Commonwealth, which means her portrait was also used on many other countries’ coins.
The Queen appears on the Canadian 20 dollar bill, for example, as well as the Australian dollar coin.
Now that Charles has taken over, these designs will also have to change, just like the coins and notes on our side of the pond.
According to The coin expert This will take longer than in this country however.
This is because it is easier to impose a new design or model in the country of origin than anywhere else, where other rules can get in the way.
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