December 3, 2022

Raven Tribune

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King Charles Bank papers won't go into circulation until mid-2024

King Charles Bank papers won’t go into circulation until mid-2024

The Bank of England said in a statement issued in the early hours of Tuesday morning, that the coin decorated with the image of King Charles III is not expected to enter circulation until mid-2024, although the image of the king that will appear on the banknotes will be revealed before. end of this year.

King Charles will appear on four banknotes – the £5, £10, £20 and £50 notes – and there will be no changes to those notes other than replacing a portrait of Queen Elizabeth II with that of King Charles, according to the statement from the bank.

The image of Queen Elizabeth will not disappear from the coin overnight. The bank said that in line with the royal family’s guidance to “reduce the environmental and financial impact of a change of king”, notes with Queen Elizabeth’s picture on them will only be removed from circulation if they become “worn or damaged”. New notes will be made with a portrait of King Charles “to replace worn out banknotes and to satisfy any general increase in demand for banknotes.”

A similar transition will occur with British coins featuring Queen Elizabeth. According to the Royal Mint, it will take at least several months to produce and circulate King Charles coins.

The transition to King Charles coins will be gradual. Coins bearing the statue of Queen Elizabeth will remain in circulation as coins on which King Charles is presented. There are nearly 30 billion coins with Queen Elizabeth’s face on them, which, like banknotes, will only be exchanged once damaged or to meet demand for more coins, according to a statement also released Tuesday from the Royal Mint.

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“This means that the coins of King Charles III and Queen Elizabeth II will be in circulation in the UK for many years to come,” said Anne Jessup, chief executive of the Royal Mint.

While no details have been released about the portrait of King Charles that will appear on the coins, it must be approved by the Privy Council, a group of high-ranking advisers to the king.

On coins featuring Queen Elizabeth, facing right. Since the reign of Charles II in the seventeenth century, kings in The opposite direction of their ancestors, except for Edward VIII. The Royal Mint has not confirmed how he will face King Charles.

Queen Elizabeth’s death has raised questions about the use of her image not only on coins but also on everyday items – such as ketchup bottles, stamps and mailboxes. Experts say replace her image On these things will not be a large expense compared to the total cost of the monarchy.