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HomePaper MoneyCommonwealth Banks Begin to Address Currency Change in Wake of Queen's Death

Commonwealth Banks Begin to Address Currency Change in Wake of Queen’s Death

Commonwealth Banks Begin to Address Currency Change in Wake of Queen's Death

HM Queen Elizabeth II

By Bank of England ……
The Bank of England’s staff wish to express their heartfelt condolences to the Royal Family, following news of the death of Her Majesty Queen Elizabeth II.

Governor Andrew Bailey 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 building at Threadneedle Street will fly a flag at half-mast as a mark of respect.

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 Queen and Australian Banknotes

By Reserve Bank of Australia (RBA) ……
The Reserve Bank of Australia wishes to express its heartfelt condolences to the Royal Family following news of the death of Her Majesty Queen Elizabeth II.

There will be no immediate change to Australian banknotes. The $5 banknotes featuring the image of Her Majesty The Queen can continue to be used. They will not be withdrawn and are likely to remain in circulation for years to come.

The reigning monarch has traditionally appeared on the lowest denomination of Australian banknote. The Reserve Bank will provide further updates in due course.

The Queen and the King on New Zealand’s Currency

By Reserve Bank of New Zealand ……
There is no immediate impact on New Zealand’s banknote and coin designs and cash use as a result of a change in Sovereign. All existing coins and $20 banknotes in circulation featuring Queen Elizabeth the Second remain legal tender. It will be several years before we need to introduce coins featuring King Charles the Third, and longer until stocks of $20 notes are exhausted.

In more detail:

  • All banknotes and coins issued by the Reserve Bank of New Zealand – Te Pūtea Matua bearing images of the Queen continue to have exactly the same status and value as before.
  • All coin stock for a denomination showing the Queen will be issued before new stock goes out with her successor’s image. This is a few years away.
  • Banks, retailers, individuals and others using or handling cash will not need to do anything differently when we introduce new coins bearing the image of the King.
  • We will let everyone know when new coins are due to enter circulation.
  • The Queen is likely to remain on $20 banknotes issued from existing stock for many years to come. We manufacture these notes infrequently and do not plan to destroy stock or shorten the life of existing banknotes just because they show the Queen. This would be wasteful and poor environmental practice.
  • We will prepare to change out the image on coins for one approved by King Charles working in conjunction with our mints who produce for multiple Commonwealth countries.
  • Coins bearing the King’s image will have the same physical characteristics as those showing the Queen. We will work with industry to help ensure machines–such as self-service checkouts, vending, and change machines–can accept and issue them alongside the old ones. There will be no need to separate coins of the same denomination with different Sovereigns on them.
  • The transition to new imagery will take several years because we always hold sufficient stock to ensure that our ability to issue cash will not be affected by supply chain disruptions, a sudden increase in demand, or loss of access to vaults or stock for any reason. We also take advantage of the most cost-effective pricing and supply arrangements from the mints and printers we use in the United Kingdom and Canada.

 

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1 COMMENT

  1. I have money from a 1988 trip to Hong Kong with the Queen’s portrait..how can I assess the value of the paper bills and coins I have? are these being collected?

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