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Current banknotes bearing the Queen’s portrait remain legal tender and are only withdrawn from circulation when worn or damaged.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