LONDON (AP) — Queen Elizabeth II has been depicted on British banknotes and coins for decades. Her portrait has also appeared on coins in dozens of other places around the world as a reminder of the colonial reach of the British Empire.
So what happens after her death this week? It will take time for the UK, Canada, Australia, New Zealand and other countries to exchange monarchs for their money.
But that doesn’t mean the accounts don’t work – they do.
Here’s a look at what’s next for Cash With the Late Queen:
CHANGE OF MONARCHS
The Queen’s portrait on British notes and coins is expected to be replaced by a likeness of the new King Charles III, but it won’t be immediate.
“Current banknotes bearing the image of Her Majesty The Queen will continue to be legal tender,” the Bank of England said. An announcement on existing banknotes issued by the UK central bank will be made after the end of the official 10-day mourning period, it said.
The Royal Mint, which is the official maker of British coins, said all coins bearing her portrait “remain legal tender and in circulation”, with more information to be released later.
“As we respect this period of respectful mourning, we are continuing to mint coins as usual,” the Royal Mint said on its website.
With 4.7 billion British banknotes worth 82 billion pounds ($95 billion) in circulation and about 29 billion coins, British money bearing the Queen’s image will likely be around for years.
“Instead of surrendering all current coins and notes, the process will be gradual and many of the Queen Elizabeth II portrait coins will remain in circulation for many years to come,” according to Coin Expert, UK. coin research website.
After Charles takes the crown at his coronation, a new portrait will need to be taken to be used on redesigned banknotes and coins, the website said.
Coins featuring him will show him facing left, replacing the Queen’s gaze to the right, in a tradition dating back to the 17th century. It dictates that monarchs appear in profile and in the opposite direction from their predecessors.
WHAT ABOUT OTHER COUNTRIES?
Other nations’ coins featuring the queen – from Australian, Canadian and Belize dollars – will also be updated with the new monarch, but the process may take longer because “it’s much easier to impose a new design on the country of origin , rather than in other countries where a different jurisdiction may exist,” the website Coin Expert said.
The Bank of Canada said the current $20 bill, made of synthetic polymer, is designed “to be in circulation for years to come.”
“There is no statutory requirement to change the plan within a specified period when the Monarch changes,” the Bank of Canada said.
Generally, when a new portrait theme is chosen for Canadian money, the process begins with drawing up a new design and a new note is ready to be issued “a few years later,” the bank said.
The Reserve Bank of New Zealand has announced it will issue its entire stock of coins featuring the Queen before new ones featuring Charles are released. The Queen also appears on the $20 note, which is made “infrequently” and there is “no plan to destroy the stock or reduce the life of existing banknotes just because they show the Queen”, the bank said.
“It will be several years before we need to introduce coins featuring King Charles III and more until the supply of the $20 bill runs out,” he added.
THE QUEEN’S COIN
She first appeared on money when she was still a princess. This was the case in 1935, when Canada’s $20 bill featured 8-year-old Princess Elizabeth, whose grandfather King George V was then monarch, as part of a new series of notes.
The Canadian $20 bill was updated with a new portrait of the Queen in 1954, a year after her coronation, and her portrait began to appear on other coins around the world, mainly British colonies and Commonwealth countries.
British bills did not bear her image until 1960 — seven years after her coronation. The Bank of England was then given permission to use her likeness on banknotes, starting with the £1 note, although the official and regal image was criticized as too stark and unrealistic.
She became the first monarch to be depicted on British banknotes. British coins, meanwhile, have featured kings and queens for more than 1,000 years.
NON-UK CURRENCIES
At one time, Queen Elizabeth II appeared on at least 33 different coins, more than any other monarch, an achievement noted by Guinness World Records.
Her image still appears on money in places where she remains a beloved figure, such as Canada, and continues to incorporate the Union Jack into their flags, such as Australia and New Zealand.
It is also found on notes and coins issued by the Eastern Caribbean Central Bank, the monetary authority for a group of small nations such as Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia and Saint Vincent and the Grenadines.
Other places have long since stopped putting her face on their currency. After Jamaica’s independence from Britain in 1962, its central bank replaced the Queen on banknotes with portraits of national heroes such as Marcus Garvey.
Seychelles notes now feature local wildlife instead of the Queen. Bermuda has had a similar makeover, although the Queen retains a secondary place in the accounts. Trinidad and Tobago exchanged a coat of arms after becoming a republic.
Hong Kong dollars issued after Britain handed over the colony to Beijing in 1997 feature Chinese dragons and skyscrapers on the skyline of the Asian financial hub.