With the face of Queen Elizabeth II engraved on 4.5 billion pound sterling banknotes (£), the United Kingdom would today spend the equivalent of R$ 3.5 billion to follow the tradition and exchange the entire amount of banknotes in circulation for versions with the face of the new king, Charles III.
Because of the immediate fiscal impact, bureaucratic issues of the monarchy itself and the money already spent on newly issued banknotes, the money engraved with the monarch’s image should be worth at least until 2024.
“The Queen’s iconic portraits are synonymous with some of the most important work we’ve done. Current banknotes depicting Her Majesty the Queen will continue to be legal tender. A new announcement on existing Bank of England banknotes will be made as soon as possible.” the period of mourning is completed,” the Bank of England reported.
How much would it cost to exchange the queen’s bills for the new king’s? Printing each banknote in the UK costs around £0.13. The average value to replace all current Elizabeth II-faced banknotes with King Charles III versions would be £585 million.
With the exchange of the pound sterling, do Queen Elizabeth II’s banknotes lose value? Not. The process of collecting and reprinting new notes can take at least two years.
There is also the possibility that the British Crown will decide with the Central Bank to keep the Queen’s notes for logistical reasons, since the country is already in the process of exchanging paper money for more durable plastic notes – all new and with the monarch’s face.
The new banknotes already feature a portrait of Queen Elizabeth II. The £5 note was the first to be released and began circulating in September 2016. Winston Churchill, the country’s premier during World War II, is on the back.
Writer Jane Austen is pictured behind the polymer £10 banknotes. The £20 one features a portrait of artist JMW Turner. The new £50 note features Alan Turing, one of the founders of computer science and artificial intelligence, who was a codebreaker during WWII.
The notes that go out of circulation have images of economist Adam Smith and industrial inventors Matthew Boulton and James Watt on the reverse. These lose their value at the end of this month.
Are there coins with Elizabeth’s face in more countries? Yup. According to Guinness World Records, the Queen’s image appears on the currency of at least 33 countries, including Canada, Jamaica and New Zealand. It is likely that they will also change their notes and coins depending on local legislation.
Libras produced in countries such as Northern Ireland and Scotland have illustrations of regional figures. On the Scottish banknotes, for example, is the face of Sir Walter Scott, a leading Scottish writer.
What will the coins with Charles III’s face look like? All UK coins must have an image of the current king on one side and, as tradition dictates, Charles the 3rd will appear engraved with his face to the left.
Monarchs, since the 17th century, are represented in coinage (the process by which coins go through to be engraved) facing the opposite direction to that of their immediate predecessor. The exception was Eduardo 8º, who preferred his left side. The custom was restored with Jorge 6º, with the face turned to the left, with the image of Eduardo on the reverse side inverted to the right.
How many different portraits of Elizabeth 2nd are on coins? There are five portraits of the queen on metal coins. The most recent images were presented in 2015. The first Elizabethan-era coins were issued in 1953, with the aim of representing a fresh start in the UK after the Second World War.
There are currently approximately 29 billion coins in circulation in the UK – all engraved with her face.
According to the Royal Mint, their production cost can change according to each face value and the material used to make the coins.
The values of the manufacturing process also change according to the complexity of the coin. In a note to UOLthe entity did not disclose how much it spends to manufacture coins: “This information can be used to advantage of competitors”, says the note.