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ELIZABETH II: THE HUGE WORK OF CHANGING ALL HER COINS

Rani was everywhere. The same goes for British coins. Therefore, they need a change after the mourning period. Many countries have to adapt their currencies to the new situation.

The passing of Queen Elizabeth II last week was less a surprise than a genuine emotional shock felt beyond the British Isles. Let’s not forget that he was the de facto ruler of 15 Commonwealth states, which are officially considered monarchies, from Canada to New Zealand, although real power rests with the Prime Minister of each country. All these countries should use the image of Charles III instead of the Queen. In the UK, as in many countries, it starts with banknotes.

29 billion coins

Both the Bank of England and the Royal Mint are responsible for circulating the country’s currency and face the unique task of eventually replacing all the country’s notes and coins. According to estimates by the country’s central bank, there are currently 4.7 million rupee notes (with the Queen’s image) in circulation, worth a total of £82 billion, with an additional 29 billion in coins of various denominations.

According to reports, the new currency phase will be built and will continue to be legal tender for some time along with the old notes and coins. CNN. The Royal Mint says on its website that coins bearing the Queen’s effigy “are still legal tender and in circulation” and that production will continue “during this honorable period of mourning”. The same applies to the Bank of England, which said the Queen’s “iconic portraits symbolize her most important acts”.

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Current banknotes depicting Her Majesty the Queen remain legal tender. The central bank has also said it will come up with plans to replace the existing notes after the mourning period ends.

Not just money, but all British government agencies need to change their design, from postage stamps to letterboxes with the Royal Seal and passports. A mammoth task that has not been done for a long time. In terms of currency, Elizabeth II has featured on British banknotes since 1960 and on coins since 1953, depicting five different portraits of the Queen over the years. The most recent was in 2015.

And in other countries?

Not all British financial institutions face this challenge. Other countries around the world have received some new banknotes with the portrait of the late Queen. For example, in Canada: “The current $20 polymer bill will remain in circulation for years to come. “There is no legal obligation to change the format within a certain period when the monarch changes,” Bank of Canada spokeswoman Amelie Ferron-Craig said in an interview. CNN Business. It is important to note that this note, which is considered innovative and highly durable in terms of the material used, was issued only in 2012.

The same goes for Australia, where the Queen is depicted on the $5 bill. The Reserve Bank of Australia said on Friday there would be no “immediate change”.

(ns/lb)