Currency featuring King Charles III, Queen Elizabeth II will co-circulate ‘for many years’
The Royal Mint has recently announced that banknotes and coins featuring King Charles III and Queen Elizabeth II will be circulated together
The Royal Mint, the official manufacturer of coins in the United Kingdom, has recently announced that banknotes and coins featuring King Charles III and Queen Elizabeth II will be circulated together. By the end of this year, the Bank of England will release the images of redesigned banknotes with a photograph of the UK King. Furthermore, the currency which is featuring the longest reigning monarch will be gradually replaced as coins and notes become worn out or damaged.
According to a news release issued on Tuesday by Anne Jessopp, CEO of the Royal Mint, “The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices. This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come”.
The UK manufacturer also highlighted there are presently around 27 billion coins in circulation in the nation that carry “the effigy of Queen Elizabeth II.” The maker also said that as the currency deteriorates or grows worn and to satisfy the demand for more coins, these will be replaced over time, CNN reported.
The image of King Charles III will be included in all four banknote denominations
In the upcoming weeks, the Royal Mint will provide further information on King Charles III’s coins. By the middle of 2024, new banknotes bearing the image of King Charles III are anticipated to go into circulation, and his image will be included in the current designs for all four banknote denominations such as £5, £10, £20, and £50, Independent reported.
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The Bank of England even stated that this would be a continuation of the present polymer series and that no more modifications to the banknote designs will be made.
The Bank of England further asserted that current supplies of notes with the image of the Queen will continue to be released into circulation in accordance with instructions from the Royal Household to minimize the financial and environmental effects of the change of monarch. The Queen’s image continues to appear on current banknotes, which will remain legal tender.
It is pertinent to mention that with several pictures of her profile as she aged, Queen Elizabeth II has been featured on British coinage for over 70 years. She was the first British queen to appear on the currency for more than 60 years. Several nations that were once ruled by the British have her portrait on their coinage as well. Five distinct portraits of the Queen have appeared on UK coins since 1953, the year after she ascended to the throne. She started to feature on the nation’s banknotes in 1960.
