Queen Elizabeth II: Bank of England will withdraw notes with the picture of Queen Elizabeth II, worth $ 95 billion: The Bank of England has decided to withdraw $95 billion worth of notes bearing the picture of Queen Elizabeth II. After the official mourning period ends, the Bank of England has said it will soon draw up a roadmap to replace existing banknotes.
The image of Queen Elizabeth has become the hallmark of British banknotes, pound coins, and postage stamps. After the death of the Queen, the question in people’s minds was what would happen to the British banknotes and coins bearing her image? Will banknotes and coins bearing his photograph be accepted as legal tender?
Bank notes will be returned
Queen Elizabeth was the first monarch to be inscribed on the Bank of England banknotes. The Bank of England announced on 9 September that banknotes and coins bearing the image of the Queen would remain in circulation. On the same day the Bank of England announced that after the mourning period had passed, another announcement would be made regarding the current bank currency.
It’s not easy
It is not an easy task to exchange banknotes with the image of the Queen. It will be like a litmus test for the Bank of England. Please note that only the Bank of England prints currency notes in the UK. First, all these notes will be withdrawn and then they will be replaced with currency notes bearing the picture of the new Emperor Charles III. The last limit for returning 20 and 50-pound notes have been kept on 30 September 2022. These notes can be returned through Bank of England offices, commercial banks, and post offices.
Over 47 lakh banknotes in circulation
The bank estimates that there are over 47 million banknotes in circulation in the UK, totaling £82 billion ($95 billion). According to the Royal Mint, there are also about 29 billion coins in circulation. The new currency will probably gradually enter the market and until then the previous notes and coins will continue to be used as legal currency.
King Charles will be the first to appear on coins
The first King Charles-themed coins will be issued by Britain’s Royal Mint. A special custom has been followed for British coinage since the accession of King Charles II to the throne in the 17th century. The new king is shown facing the opposite direction from his predecessor. Elizabeth’s face was on the right of the coins, so it is expected that Charles’ face would be shown on the left.
Queen Elizabeth’s funeral will take place on Monday, 19 September. Let us tell you that in many countries of the British Commonwealth, the picture of the queen has been used on banknotes and coins. The Commonwealth is a grouping of 54 British nations, which includes countries that were once British colonies.