Money with King Charles and the Queen is said to have coexisted for “many years”.

money

Notes and coins bearing both monarchs will circulate together and both are considered legal tender (Image: Getty)

New banknotes with the image of King Charles III. will be unveiled by the end of the year – but old money isn’t going away anytime soon.

As part of plans to change the design of the currency to mark the change of monarch, people will be able to issue new money while using older designs for several years.

Coins and notes featuring Queen Elizabeth II will circulate and be replaced over time, the Royal Mint has announced.

Coins bearing the king’s effigy are circulated according to demand from banks and post offices.

They will circulate with the Queen along with coins “for many years,” it is envisaged.

New banknotes featuring Charles are expected to enter circulation by mid-2024, and his portrait will appear on existing designs of all four banknote denominations.

The Royal Household has asked that existing stocks of Queen’s notes continue to be issued to reduce the environmental impact of the changeover.

WINDSOR, ENGLAND - SEPTEMBER 19: King Charles III. at the Committal Service for Queen Elizabeth II at St George's Chapel, Windsor Castle on September 19, 2022 in Windsor, England. The funeral service at St George's Chapel in Windsor Castle followed the state funeral at Westminster Abbey. A private funeral followed in the King George VI Memorial Chapel. Queen Elizabeth II died at Balmoral Castle in Scotland on 8 September 2022 and is succeeded by her eldest son, King Charles III. Justin Setterfield/Pool via REUTERS

New designs will be unveiled in a few months but won’t hit circulation until 2024 (Image: Reuters)

New banknotes are only printed to replace worn out banknotes and to meet an overall increasing demand for banknotes.

Current banknotes bearing the Queen’s portrait remain legal tender and are only withdrawn from circulation when worn or damaged.

The Royal Mint is expected to reveal more details about the coins featuring the king in the coming weeks.

There are currently around 27 billion coins bearing the Queen’s effigy in circulation in the UK.

Embargoed to Monday September 26, 2200. MANDATORY CREDIT: Buckingham Palace EDITORIAL USE ONLY No commercial use of this image may be made (including any use for merchandising, advertising or other non-editorial purposes). The image may not be digitally enhanced, manipulated or modified in any way upon publication. The image can be used free of charge until Monday 3 October 2022. Thereafter, this image will only be available through Buckingham Palace Royal Communications. Undated handout photo issued by Buckingham Palace, of a black and white version of the new cipher used by King Charles III. Issue date: Monday September 26, 2022. PA Photo. The cipher is the sovereign's monogram, consisting of the initials of the monarch's name, Charles, and the title, Rex - Latin for king, alongside a depiction of the crown. The cipher is the King's personal property and was chosen by the King from a series of drafts prepared by the College of Arms. See PA story ROYAL King. Photo credit should read: Buckingham Palace/PA Wire NOTE TO EDITORS: This handout photo may be used for editorial reporting purposes only to simultaneously illustrate events, things or people in the photo or facts mentioned in the photo caption. Reuse of the image may require further permission from the copyright owner.

The palace has also unveiled the king’s monogram, consisting of the initials of his name, the title Rex – Latin for king – and a depiction of the crown (Image: PA)

Anne Jessopp, Chief Executive Officer of the Royal Mint, said: “We are honored to have minted every British coin from the reign of Her late Majesty, charting her journey from young Queen to distinguished Head of State.

“As the official mint of the United Kingdom, we have told the story of every monarch since Alfred the Great and are now preparing for the biggest change in British coinage in several decades.

“The first coins with the portrait of His Majesty King Charles III. are circulated according to demand from banks and post offices.

“This means that the coins of King Charles III and Queen Elizabeth II will circulate in the UK for many years to come.”

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https://metro.co.uk/2022/09/27/money-featuring-king-charles-and-the-queen-to-co-exist-for-many-years-17455438/ Money with King Charles and the Queen is said to have coexisted for "many years".

Justin Scacco

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