The Queen’s death on Thursday has triggered speculations if British currencies will go for the change of photos to reflect the change in the monarchy. Immediately after the Queen died at the age of 96 in Balmoral Castle, her eldest son was declared the new monarch. He will be known as King Charles III. The Queen’s death has necessitated the need for demonetisation in the UK, Canada, Australia and New Zealand.
The UK is mourning the passing of the Queen, the Bank of England has given an indication of the inevitable demonetisation exercise. Bank of England Governor Andrew Bailey condoled the Queen’s death as he said, “It was with profound sadness that I learned of the death of Her Majesty The Queen. On behalf of everyone at the Bank I would like to pass on my deepest condolences to the Royal Family. For most of us, she is the only head of state we have ever known, and will be remembered as an inspirational figure for our country and the Commonwealth.”
The Ban of England building at Threadneedle Street has been flying a flag at half-mast as a mark of respect.
On the planned demonetisation drive, the Bank of England said, “As the first monarch to feature on Bank of England banknotes, the Queen’s iconic portraits are synonymous with some of the most important work we do. Current banknotes featuring the image of Her Majesty The Queen will continue to be legal tender. A further announcement regarding existing Bank of England banknotes will be made once the period of mourning has been observed.”
The Bank of England has not announced a date for the demonetisation to start but there’s always an 18-month gap before the old currencies are phased out and new currencies used. Meanwhile, all banknotes and coins will continue to be legal tender in the UK.
The demonetisation drive will also take place in countries Canada, Australia and New Zealand, where banknotes and coins bear the photo of the British monarch. These countries, however, have not made any such announcement yet.