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From currency exchange to portrait of the monarch / What is expected to happen to the "pound" now?

2022-09-10 10:07:00, Kosova & Bota CNA

From currency exchange to portrait of the monarch / What is expected to happen

Queen Elizabeth II has been depicted on British banknotes and coins for decades. The monarch's portrait is also featured on the coins of dozens of other countries around the world.

So will the coins be exchanged now? Here's everything you need to know about the coin conundrum facing the world after Queen Elizabeth's death:

Will monarchs switch to coins?

The portrait of the Queen on British banknotes and coins is expected to be replaced by the new King Charles III, but the move will not be immediate.

"Current banknotes bearing the image of Her Majesty The Queen will continue to be legal tender," the Bank of England announced earlier.

Since 4.7 billion UK banknotes worth 82 billion marks are currently in circulation along with 29 billion coins, the Queen's image coin will be in circulation for years, the Associated Press reported.

What about coins in other countries that feature the Queen?

Coins of other nations featuring the Queen such as Australia, New Zealand and Canadian dollars will be updated with the new monarch, but this process may take longer. "There is no legislative requirement to change the model within a certain period when the Monarch changes," said the Bank of Canada./ CNA.al





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