Britain will gradually see coins, banknotes, and stamps bearing the image of King Charles, while the new monarch’s cipher will also appear on government buildings and red mail pillar boxes, manufacturers and Buckingham Palace announced on Tuesday.
As the country begins adapting to its first new head of state for 70 years, the makers of its currency and stamps said they would begin the slow process of switching from using an image of the late Queen Elizabeth to the new King.
“The decision to replace ciphers will be at the discretion of individual organizations, and the process will be gradual,” the palace said.
The replacement process will take some time with the Royal Mint estimating there are some 27 billion coins bearing an effigy of the late queen who died this month.
Likewise, the Bank of England (BoE) said banknotes with a portrait of Charles were expected to enter circulation by mid-2024, and it would reveal images of the updated notes by the end of the year.
Current banknotes featuring the portrait of Queen Elizabeth II will continue to be legal tender and will only be removed from circulation once they become worn or damaged. They will co-circulate with those featuring King Charles III.
Elizabeth’s profile faced to the right during her reign, whereas Charles’s will be faced to the left. Although it may seem like a minor issue, changing the Queen to the King on banknotes, coins, stamps, and post boxes has a cost.
Costs
BoE said it costs approximately 7 to 8 pence to produce a banknote. There are some 4.7 billion banknotes in circulation in the UK. So the cost to replace these can be estimated at around 350 million pounds.
The Royal Mint does not disclose the cost of making new coins, but given that there are currently over 27 billion in circulation that needs to be replaced, assumptions rose that the overall cost will be several million pounds. However, no upfront payment will be required for this expense.
