Baptist Morin
modified to
07:47, September 12, 2022
This may seem anecdotal, but it’s a colossal project ahead. Britain will have to replace its banknotes and coins. The pound sterling is struck with the face of Elizabeth II. However, his son has now succeeded him on the throne and must therefore succeed him on the British currency. A change that should be done gradually.
It will likely take two years to replace the face of Elizabeth II with that of Charles III on British coins and banknotes. A total of 4.5 billion banknotes will need to be changed, for a cumulative value of £80 billion. This will not happen overnight.
There will be a transition period. The portraits of Charles III and Elizabeth II will coexist before gradually that of Elizabeth disappears. The queen was also the first sovereign to appear on a banknote in 1960.
Great Britain is not the only one concerned
Great Britain is not the only one affected by this change. Currencies from other Commonwealth countries will also need to be replaced. Queen Elizabeth II appears on part of the $20 bills in Canada. His profile is also struck on coins and some Australian dollar notes. The late queen is also on every coin in New Zealand.
The business promises to be larger for the central bank of the Eastern Caribbean which will have to replace all the coins and all the notes it issues, in particular for Saint Vincent and the Grenadines. Until Charles III replaces Elizabeth II on coins and banknotes, the Bank of England has made it clear that the currency bearing the image of the Queen will continue to be legal tender.