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The Reserve Bank of New Zealand said it will issue all of its stock of coins depicting the queen before new ones go out with Charles’ image. In general, when a new portrait subject is chosen for Canadian money, the process begins with drawing up a fresh design, and a new note is ready to be issued “a few years later,” the bank said. “There is no legislative requirement to change the design within a prescribed period when the Monarch changes,” the Bank of Canada said. The Bank of Canada said its current $20 banknote, made of synthetic polymer, is designed “to circulate for years to come.”

Other nations’ currencies that feature the queen - from Australian, Canadian and Belizean dollars - also will be updated with the new monarch, but the process could take longer, because “it is much easier to enforce a new design in the country where it originates, rather than in other countries where different jurisdiction may take place,” the Coin Expert website said. It dictates monarchs be shown in profile and in opposite direction to their predecessors. “Rather than all of the current coins and notes being handed in, the process will be a gradual one and many of the coins featuring portraits of Queen Elizabeth II will remain in circulation for many years to come,” according to Coin Expert, a British coin research website.Īfter Charles takes the crown at his coronation, a new portrait will need to be taken to use on redesigned notes and coins, the website said.Ĭoins featuring him will show him facing to the left, replacing the queen’s rightward gaze in line with tradition dating to the 17th century. banknotes worth 82 billion pounds ($95 billion) in circulation and about 29 billion coins, British money bearing the queen’s image will likely be in circulation for years. “As we respect this period of respectful mourning, we continue to strike coins as usual,” the Royal Mint said on its website.

The Royal Mint, which is the official maker of British coins, said all coins with her portrait “remain legal tender and in circulation,” with more information to come later. An announcement on existing paper money issued by the U.K.’s central bank will be made after the official 10-day mourning period has ended, it said. “Current banknotes featuring the image of Her Majesty The Queen will continue to be legal tender,” the Bank of England said. The queen’s portrait on British notes and coins is expected to be replaced by a likeness of the new King Charles III, but it won’t be immediate. Here’s a look at what is next for the paper cash featuring the late queen: So what happens next after her death this week? It will take time for the United Kingdom, Canada, Australia, New Zealand and other countries to swap out the monarchs on their money. Her portrait also has been featured on currencies in dozens of other places around the world, in a reminder of the British empire’s colonial reach. LONDON > Queen Elizabeth II has been depicted on British banknotes and coins for decades.

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