Explained: What happens to currencies featuring Queen after Charles's ascension | World News - Hindustan Times
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Explained: What happens to currencies featuring Queen after Charles's ascension

Sep 10, 2022 12:11 PM IST

King Charles III Ascension: Will currencies featuring the Queen be swapped out now? Here's all you need to know

Queen Elizabeth II has been depicted on British banknotes and coins for decades. The monarch's portrait has also been featured on currencies in dozens of other places around the world.

King Charles III's Ascension: Australian $5 notes are pictured in Sydney. (AP)
King Charles III's Ascension: Australian $5 notes are pictured in Sydney. (AP)

So, will the currencies be swapped out now? Here's all you need to know about the currency conundrum the world faces after Queen Elizabeth's demise:

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Will monarchs be switched on the currencies?

The queen’s portrait on British notes and coins is expected to replaced by the new King Charles III but the move will not be immediate.

Read more: Explained: Queen's state funeral will be UK's first since Winston Churchill

“Current banknotes featuring the image of Her Majesty The Queen will continue to be legal tender,” the Bank of England announced earlier.

As 4.7 billion UK banknotes worth 82 billion points is currently in circulation along with 29 billion coins, currency with the Queen's image will be in circulation for years, Associated Press reported.

Read more: £1 billion estate passes to Prince William with Duke of Cornwall title: Report

What about the currencies in other countries featuring the Queen?

Other nations' currencies which feature the Queen like Australia, New Zealand and Canadian dollars will be updated with the new monarch, but this process could also take a long time longer. “There is no legislative requirement to change the design within a prescribed period when the Monarch changes,” the Bank of Canada said.

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