Following the Queen's death on Thursday (September 8) a number of changes have already begun getting underway, some of them being the first in a lifetime. For ordinary people here in Britain everyday things like money and stamps, both of which currently carry Queen Elizabeth II's face, will have to be replaced.
And the Bank of England has confirmed in a statement that the current coins and notes will remain legal tender for the time being, however plans for the transition to King Charles' image will be announced following the nation's mourning period, Yorkshire Live reports. The statement began: "The Bank of England’s staff wish to express their heartfelt condolences to the Royal Family, following news of the death of Her Majesty Queen Elizabeth II."
Governor Andrew Bailey said: “It was with profound sadness that I learned of the death of Her Majesty The Queen. On behalf of everyone at the Bank I would like to pass on my deepest condolences to the Royal Family.
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"For most of us, she is the only head of state we have ever known, and will be remembered as an inspirational figure for our country and the Commonwealth.” It was also confirmed that the the building at Threadneedle Street in London will fly a flag at half-mast as a mark of respect.
The statement continued: "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. 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." Although the Bank of England has not yet confirmed the date that the money will change, there is likely to be a significant transition phase between notes and coins featuring Queen Elizabeth II and those with King Charles III's image.
Plans have been in place for this for a long time and the new cash will be produced and distributed into general circulation, with the old money gradually being phased out. However, it's not just in the UK, where the Queen's face is used on the currency. It is also used in countries, such as Canada, Australia and New Zealand - and they too will eventually phase out cash with her image on.
In the UK, there is currently £80Billion of money in circulation featuring Queen Elizabeth II on the reverse. When old imperial money was phased out in the UK in 1972 and replaced with metric money - old farthings, ha'penny and sixpence made way for 100p in £1 - it was announced that there would be an 18 month transition between the old and new money.
Royal Mail has not yet announced when stamps will be changed to the King, but it is likely to follow a similar transition period.
Read next:
- How Bristol paid tribute to the Queen and her 'unwavering devotion'
- Carol Vorderman backs King Charles III to be 'superb monarch'
- What will happen today after death of Queen Elizabeth
- Queen Elizabeth II dies: A lifetime of service to the nation
- Schools to be given closure guidance following death of Queen
