Money with King Charles and Queen to coexist ‘for many years’

Money

Banknotes and coins featuring both monarchs will circulate together and are both considered legal tender (Image: Getty)

New banknotes bearing the image of King Charles III will be unveiled at the end of the year – but old money is going nowhere fast.

Under plans to change the currency’s design to mark the change in monarch, people will be able to use new money at the same time as using older designs for several years.

Coins and notes featuring Queen Elizabeth II will co-circulate and be replaced over time, the Royal Mint has revealed.

It said coins bearing the king’s image will enter circulation in line with demand from banks and post offices.

They will circulate alongside coins featuring the Queen ‘for many years to come’, it is predicted.

New banknotes featuring Charles are expected to enter circulation in mid-2024, and his portrait will appear on the existing design of all four banknote denominations.

The Royal Household has requested that existing stocks of banknotes featuring the Queen continue to be issued to reduce the environmental impact of the transition.

WINDSOR, ENGLAND - SEPTEMBER 19: King Charles III at the Committal Service for Queen Elizabeth II at St George's Chapel, Windsor Castle on September 19, 2022 in Windsor, England.  The service at St George's Chapel, Windsor Castle, took place after the state funeral at Westminster Abbey.  A private funeral in the King George VI Memorial Chapel followed.  Queen Elizabeth II died at Balmoral Castle in Scotland on 8 September 2022 and was succeeded by her eldest son, King Charles III.  Justin Setterfield/Pool via REUTERS

New designs will be revealed in a few months but will not enter circulation until 2024 (Image: Reuters)

New notes will only be printed to replace worn notes and to meet an overall increase in demand for notes.

Current banknotes bearing the portrait of the Queen will continue to be legal tender and will only be removed from circulation when they become worn or damaged.

The Royal Mint is expected to reveal further details about coins featuring the King in the coming weeks.

There are currently around 27 billion coins in circulation in the UK bearing the Queen’s image.

Embargoed until 2200 Monday 26 September MANDATORY CREDIT: Buckingham Palace EDITORIAL USE ONLY There may be no commercial use of this image whatsoever (including any use in merchandising, advertising or other non-editorial use).  The image must not be digitally enhanced, manipulated or modified in any way or form when published.  The image is free to use until Monday 3 October 2022. After this, this image is only available through Buckingham Palace Royal Communications.  Undated handout photo issued by Buckingham Palace of a black and white version of the new cypher to be used by King Charles III.  Date of issue: Monday, September 26, 2022. PA Photo.  The cypher is the sovereign's monogram, consisting of the initials of the monarch's name, Charles, and the title, Rex - Latin for king, together with a representation of the crown.  The cypher is the personal property of the King and was selected by the King from a number of designs prepared by The College of Arms.  See PA story ROYAL King.  Image credit should be: Buckingham Palace/PA Wire NOTE TO EDITORS: This handout photo may only be used for editorial reporting purposes to simultaneously illustrate events, things or the people in the image or facts mentioned in the caption.  Reuse of the image may require additional permission from the copyright holder.

The palace has also revealed the king’s monogram, consisting of the initials of his name, the title, Rex – Latin for king – and a reproduction of the crown (Image: PA)

Anne Jessopp, Chief Executive, Royal Mint, said: ‘We are honored to have struck every British coin from her late majesty’s reign, documenting her journey from young queen to respected head of state.

‘As the official mint of Great Britain, we have told the story of every monarch since Alfred the Great and are now preparing for the biggest change in British coinage for decades.

‘The first coins bearing the image of His Majesty King Charles III will enter circulation in line with demand from banks and post offices.

‘This means that the coin of King Charles III and Queen Elizabeth II will circulate together in the UK for many years to come.’

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