Now we have a new King, one of the biggest changes people may begin to notice in their day-to-day lives will be the cash in their wallets.
It is expected that notes and coins in circulation with the Queen's portrait will gradually be replaced by new printed and minted notes and coins with Charles' image, but the Bank of England has refused to give details at present, saying an announcement regarding existing banknotes will be made once the period of mourning has been observed.
The Bank of England has already reassured Britons that current bank notes featuring the image of the Queen will continue to be legal tender, but with over 4.7 billion Bank of England notes in circulation, worth about £82 billion, it's unlikely to be a quick process, according to Thisismoney.
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A portrait of King Charles III will first have to be chosen and distributed. It is expected that coins and notes will feature him facing west rather than east like the Queen, continuing a royal tradition started under Charles II in 1660, where the the new monarch faces the opposite direction to their predecessor
Replacing the existing notes and coins in circulation is expected to be a lengthy process, so we will still be spending money with Queen Elizabeth II on for some time to come. The Bank of England first issued its new polymer £20 note in February 2020 whilst the new £50 note was first issued on 23 June 2021, featuring the scientist Alan Turing. The last day you can use the paper £20 and £50 notes is 30 September this year meaning the process of recall and replacement has taken a total of 19 months.
Her Majesty The Queen appeared on Britain's coinage since 1953 and on bank notes since 1960., spanning decimalisation, and the rise of the credit and debit card. Her Majesty's portrait was updated on five occasions since she took the throne in 1952.
New coins showing the first portrait of the Queen were issued in 1953. They represented a fresh start following the Second World War, and the portrait was used on the coins of the United Kingdom and the many Commonwealth countries. Although decimalisation did not happen until 1971, decimal coins entered circulation before then, with 5p and 10p pieces being introduced in 1968 to replace the existing shillings and florins. To help the new coins stand out, a second portrait of The Queen was commissioned.
From 1985 to 1997, coins featured the Queen wearing the royal diadem, which she normally wore on her way to and from the State Opening of Parliament. A fourth portrait was deigned in 1996 and the latest portrait of The Queen was unveiled in 2015 and still features on the coins of the nation.
The first Bank of England note to feature the Queen’s portrait was the £1 note issued in 1960. It was followed by a ten shilling note in 1961.. A new £5 was issued in 1963 and a new £10 in 1964. Both featured a new portrait by Reynolds Stone, which went down better than the original portrait, as people thought it to be more realistic.
In the late 1960s, the Bank of England proposed a new 10 shilling note as the first in a new series and featured the Queen wearing the hat and robes of the Order of the Garter.
Once became clear that the British currency would change to the decimal system, designers changed the denomination of the 10 shilling note to its equivalent decimal value, 50p. But a 50p coin was created as part of the new system of decimal coinage, so the 50p note was never issued.
The series of notes issued in the 1970s featured two different portraits of the Queen. One version was used for £1 and £5 notes, and another for the ‘high sum’ notes of £10, £20 and £50. This new series of banknotes was the first to feature historical characters on the back. In both portraits, the Queen is wearing elaborate ceremonial dress. This emphasises a sense of formality and tradition.
The 1990 £5 note was the first of a new series. It featured a new, more mature portrait of the Queen, who was 64 when it was first issued. This likeness, by designer Roger Withington, has been used on all Bank of England notes since.
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