There are approximately 27 billion coins in circulation in the UK that bear the image of Queen Elizabeth II. Gradually, as they age, deteriorate and the need for new ones increases, they will be replaced by money with the image of King Charles III.
The head of the British Royal Mint stated on the BBC website that coins with images of both rulers will be in circulation in the UK for many years to come.
Before the currency reform of 1971 (decimalization of the pound sterling and the irish pound), when all coins in Great Britain were exchanged, it was common to have images of different monarchs: contemporary and past.
The appearance of the new coins has not yet been revealed. The Royal Mint has announced that it will provide more details in “the coming weeks”.
The Royal Mint confirmed today on Twitter that the coins it minted with the portrait of King Charles III will enter circulation. When? The Royal Mint is retaining English restraint, responding that it would be “as requested by banks and post offices.” Existing coins depicting Queen Elizabeth II will remain in circulation.
During the 70 years of Elizabeth II’s reign, five different portraits of her were placed on British coins. The first was established in 1953, a year after the death of King George VI and Elizabeth came to power. It was also the year of the coronation of the young monarch. Subsequent coins were issued in 1968, 1985, 1998 and 2015 respectively and reflected the changing face of the ruler. The last coin on which Elizabeth is 88 is still in circulation today.
As for the banknotes, Queen Elizabeth was the first British monarch to appear on them. It was first reproduced in 1960. There are currently around 4.5 billion individual Bank of England notes worth around £ 80 billion in circulation. They all bear the image of Elizabeth II (with the exception of banknotes issued by banks in Scotland and Northern Ireland).
As reported by the Bank of England, banknotes with the image of Elizabeth II remain the valid legal tender in the country. Further decisions regarding their possible withdrawal and printing of new ones will be made after the end of the national mourning. The image of Charles III to be placed on the banknotes will have to be chosen in consultation with Buckingham Palace.