Remember new currencies post demonetisation? UK is in somewhat similar situation after Queen’s death
The UK has a gargantuan task in hand – what to do with the current currency with Queen Elizabeth II’s image? There have been discussions of replacing the current currency in circulation with notes that have King Charles III’s image. However, it will be a huge task, if undertaken, considering the country has 4.7 billion notes in circulation, that is worth £82 billion.
However, the Bank of England, that prints the bank’s banknotes, said that the notes with the Queen’s image will continue to be legal tender. “Current banknotes featuring the image of Her Majesty The Queen will continue to be legal tender. A further announcement regarding existing Bank of England banknotes will be made once the period of mourning has been observed,” said the Bank of England.
The Queen was the first monarch to feature on the Bank of England banknotes. “As the first monarch to feature on Bank of England banknotes, the Queen’s iconic portraits are synonymous with some of the most important work we do,” stated the Bank of England.
The period of Royal Mourning will be observed for seven days from the day of the Queen’s funeral.
A bank holiday has been announced for the state funeral of the Queen on September 19. UK’s high value payment system CHAPS, and RTGS services will also be closed.
Queen Elizabeth II, Britain’s longest-serving monarch, passed away on September 8, after being kept under medical supervision at Balmoral, her residence in Scotland. She was 96, out of which she reigned for 70 years. Born in April 1926, Elizabeth was crowned in 1952 – five years after she married Prince Philip, Duke of Edinburgh. Prince Philip died in April 2021.
Also read: Queen Elizabeth II death: What’ll happen to her wealth, castles, art collection?
