New tender will be brought in
Current bank notes featuring the Queen will continue to be legal tender until new coins and notes are designed and printed, explains the Bank of England. A further announcement regarding notes is expected to be made once the period of public mourning has been observed following the sad passing of Queen Elizabeth II.
The Queen was the first monarch to ever feature on Bank of England banknotes, Threadneedle Street said. New coins and notes featuring King Charles will be designed and printed, but they are unlikely to appear in general circulation for a while, reports the Daily Mirror. An advisory committee at The Royal Mint advisory will send recommendations for new coins to the Chancellor and obtain royal approval. Once the designs are selected, the final choices are approved by the Chancellor and then the King.The current currency will be gradually phased out, and the new currency will be printed and distributed all over the UK.
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.
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