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What Happens to Coins After The Queen's Death?
By GovMint :
Queen Elizabeth II held the world record for being an individual who was featured on the most currencies, appearing on the coinage of at least 45 countries during her long lifetime. She also currently appears on all 29 billion coins circulating in the United Kingdom, as well as on the coins and currencies of many Commonwealth countries. It's a question that has undoubtedly crossed all of our minds at one point or another: what happens to coins when the Queen dies? Do they get melted down and minted anew with the image of the new monarch? Or do they just remain in circulation, a little piece of history bearing witness to the passing of time.
Will new coins with the face of the King be issued?
Yes, but there is no firm timetable for release. After a period of mourning observance, new coins and notes with King Charles III’s image will need to be designed and minted or printed, but are not likely to appear in general circulation for some time. Any new image of a monarch would need agreement and sign-off from Buckingham Palace, which means that. King Charles has to approve images of himself to be used on coins and banknotes. Interesting fact: Coins featuring the new King will likely show him facing to the left. Queen Elizabeth II’s various effigies have faced to the right. Although not a requirement, it has been a tradition from the time of King Charles II in the 17th century to alternate the way successive monarchs are facing.
Will coins with the Queen's face remain in circulation?
The death of a monarch is always a significant event, not just for sentimental reasons. It also means that there are a lot of practical considerations that need to be taken care of, one of which is what to do about the coinage.
There are approximately 29 billion coins with the Queen’s effigy currently in circulation. It is expected that new ones with Charles III on them will start being minted soon. The Royal Mint hasn't revealed how or when this transition will happen yet; however we can expect a gradual process where both types of currency remain legal tender for a long time, as it would be impractical to pull such a massive amount of older coins immediately from circulation.
Which Countries will change the face on their currency?
As head of the Commonwealth, the portrait of the Queen is not just used on currency in the United Kingdom but in many of the countries in the Commonwealth. For example, the Queen appears on the Canadian $20 bill and the Australian dollar coin. These designs will also have to change alongside the British pound, but the process will be much more gradual in these countries.
Here is a list of some of the current Commonwealth Members other than Great Britain, where most or all money features a version of the Queen’s portrait and are likely to be changed:
Canada: Queen Elizabeth II is on Canadian coins and the $20 bill
Australia: Australia switched to a dollar currency in 1966. In all the years since, it has been Queen Elizabeth's face on the obverse of every coin in circulation, collectible issues, as well as the now-obsolete $1 bill, and the current $5 bill.
New Zealand: Queen Elizabeth has been on New Zealand coins since soon after her 1953 Coronation and on New Zealand banknotes since 1967
Tuvalu: Queen Elizabeth II is depicted on all coins issued by Tuvalu
Belize: Queen Elizabeth II, the Queen in right of Belize, is still featured on Belizean coins facing right and wearing the Imperial State Crown.
Solomon Islands: All the coins of the Solomon Islands currently bear the portrait of the country's former head of state, Elizabeth II, Queen of Solomon Islands.
How will this impact coin collectors?
In a statement given to the Washington Post, Dominic Chorney, a numismatic specialist at A.H. Baldwin & Sons, said that coin collectors shouldn’t expect modern circulating currency to rise much in value, but commemorative sets “may be desirable.
Conclusion
The death of a monarch has far-reaching consequences, one of which is the changing of effigies on coins. With King Charles III ascending to the throne on Thursday, September 8th, 2022, following the passing of his mother, Queen Elizabeth II, much remains to be seen concerning exactly how Commonwealth coinage will appear moving forward and when the new coinage will enter into circulation. However, one thing is sure. Change is coming.
Sources:
https://www.washingtonpost.com/world/2022/09/09/uk-coins-notes-stamps-anthem-queen-king/
https://www.fnlondon.com/articles/bank-notes-queen-elizabth-ii-death-what-happens-20220909
https://www.royal.uk/coinage-and-bank-notes
https://en.wikipedia.org/wiki/Coins_of_the_Canadian_dollar
https://en.wikipedia.org/wiki/Coins_of_the_Australian_dollar
https://en.wikipedia.org/wiki/Coins_of_the_New_Zealand_dollar
https://en.wikipedia.org/wiki/Coins_of_the_Belize_dollar
https://en.wikipedia.org/wiki/Tuvaluan_dollar
https://www.royal.uk/coinage-and-bank-notes
https://britishheritage.com/royals/queen-elizabeth-ii-guinness-book-world-records
https://www.bbc.com/news/uk-59596996
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