London: After the Queen Elizabeth II’s death, when the whole of Britain is mourning, the question in the minds of many people is that what will happen to the currency with the Queen’s imprint now?
Questions are being raised whether her picture will remain on notes and coins or will the currency with the queen’s picture be considered legal?
Clarifying this, the Bank of England announced on September that notes and coins bearing the Queen’s picture would be accepted as payment. Queen Elizabeth was the first ruler to see her picture on bank of England notes.
The Bank of England has said that a formal announcement about the country’s currency will be made 7 days after the Queen’s funeral. When the official time of mourning will end. Queen Elizabeth’s funeral is scheduled for September 19.
For the Bank of England, which prints British currency, and the Royal Mint, which makes coins, it will be a big task to remove the currency with the queen’s pictures and bring the currency with the picture of King Charles III into circulation.
The UK central bank estimates that there are 4.7 million banknotes worth £82 billion ($95 billion) in the UK. According to the Royal Mint, about 29 billion coins are also in circulation.
The new currency will be introduced gradually and will remain valid with old coins and notes for some time. Ever since King Charles II took over the throne in the 17th century, it was customary in Britain to put the picture of the new king on coins. It was installed on the other side of the picture of their previous ruler.
It is expected that the new UK coins will have Queen Elizabeth’s face printed on the right and Charles’ face on the left.