Following, the death of Queen Elizabeth II, Britain saw a lot of changes within two days. Charles, the late Queen’s eldest son, automatically became the King. He is now called King Charles III.
Britain announced a 10-day mourning period to pay respect to the late Queen. Since the Queen’s face was on every dollar bill, people have already started to question what will happen to the bill. The Bank of England came up with the answers.
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What Will Happen To The Banknotes After The Death Of Queen Elizabeth?
The Bank of England declared that the banknotes and coins bearing the image of the monarch who passed away recently will continue to be accepted as forms of payment. The Central bank estimated around $95 billion worth of banknotes in circulation. Whilst, the Royal Mint, has about 29 billion coins in circulation.
It will be a huge task for the bank and the Royal Mint to remove the cash and coins that are in circulation and replace it with the image of the new monarch. So, there is a high probability that the currency might probably be introduced gradually. It will coexist as legal tender with previous notes and coins for a while.
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How Will King Charles III’s Image Appear On The Currency?
After Queen’s death, many people started questioning their concerns about the dollar bill that has Queen’s face on it. The Bank of England said after the official period of mourning is over, it will outline its plans for replacing the current banknotes.
The Royal Mint of Britain will release Charles-themed coins. British coinage has followed a custom in which a new leader’s visage is depicted facing the opposite direction from his or her predecessor. Elizabeth faced right on coins, now, Charles’ visage is expected to be facing left.
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