Currency featuring King Charles and Queen Elizabeth II will co-circulate

Queen Elizabeth II died at the age of 96 on September 8th. Several things associated with her reign will need to be changed as the new king takes over the reins.

The monarch's portrait, emblems, and iconography adorn coins, banknotes, stamps, flags, and passports. The Queen's face will now be replaced with the face of King Charles III.

According to an announcement by the Royal Mint, Coins and banknotes featuring the portraits of King Charles III and Queen Elizabeth II will co-circulate. These will continue to be legal tender until they become completely damaged and worn out.

"The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices. This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come," Anne Jessopp, the Royal Mint's Chief Executive Officer, said in a press release on Tuesday.

It added that new banknotes featuring King Charles are expected to enter circulation by mid-2024. His image will appear in all denominations, per a CNN report.

The Bank of England said that the existing stock of notes with the Queen's image on them will continue to be issued into circulation to minimise environmental damage. It added that there won't be any other additional changes to the designs of the banknotes.

There are more than 4.7 million banknotes worth £82 billion and 29 billion coins in circulation in the UK. The Royal Mint will be revealing more information about the coinage of King Charles III in the coming weeks.

Queen Elizabeth II's image has appeared on the UK's currency for more than 60 years. People have seen five different versions of the Queen's portrait on coins since 1953.

The Queen's image also appears on some $20 banknotes in Canada and coins issued in New Zealand, as well as other parts of the Commonwealth. These countries may also replace the existing legal tender with new ones.