After the death of Queen Elizabeth II, many of the Commonwealth nations are waiting. Large-scale exchange of coins and banknotes. It is in the monarchical tradition that a reigning monarch is depicted, as opposed to a republic. As such, Charles III, formerly known as Prince Charles, appears on banknotes not only in the United Kingdom, but also in Canada, Australia, New Zealand, and more.
A British banknote with the image of Queen Elizabeth II. It remains legal tender after her death. According to British reports, it is expected to take at least 24 months to replace current banknotes with new banknotes depicting the Queen’s heir, Charles III.
By comparison, when the latest artificial £50 note was issued in the UK, it took the Bank of England 16 months for the entire withdrawal and exchange process.
As The Guardian reported, there are now 4.5 billion British banknotes with the Queen’s face in circulation, worth £80 billion.
Jaroslav Moravec, chief money circular expert at the Czech National Bank (ČNB), explained to Aktuálně.cz that exchanging payments is a very complex and lengthy process. Moreover, it is also very expensive from an economic point of view, since not only the currency in circulation, but also the currency that makes up the inventory is exchanged.
“It depends a lot on how prepared you are for a change of currency already in this case. I would say monarchies are better prepared for change than other countries because monarchies ‘is traditional to depict monarchs reigning over currency,’ said the expert.
In republics with frequent changes of heads of state, painting other motifs on the currency solves the situation. Like the Czech Republic, they can be important historical figures or national symbols.
Moravec recalls that the country took years to change the motifs on its banknotes and coins. At the same time, it adds Czech specificity. Not many countries have coins and banknotes created as works of art, motifs designed by artists and approved by committees.
“In many countries, the designs are created by mint employees, so the emphasis is on crafts rather than works of art, which speeds up the process a lot,” explains Moravec. To do.
He estimates that the motif itself can be made in the UK in a matter of days, and that preparing the molds will take weeks. But it’s Buckingham Palace that determines what a monarch looks like with money, and what else there is.
It takes months or years to actually mint and put the required amount of coins into circulation, depending on the amount of coins in circulation. For banknotes, Moravec said the change will be even more severe as new banknotes go through multiple printing technologies.
When the Queen ascended to the throne in 1952, this was not reflected in the early banknotes. Only in 1960 did Elizabeth II’s face change. She began to appear on the £1 note and gradually on other currencies of the Commonwealth countries. “But at the time there was still a currency in circulation with the image of her predecessor. Over time, Elizabeth Her II completely replaced the old currency,” Moravec said. Reminisce.
The Queen’s head now appears on Canada’s approximately $20 note, New Zealand coins, and all coins and banknotes issued by the central banks of the Eastern Caribbean countries, including Antigua and Barbuda, Dominica, Grenada, and St. Kitts. and Nevis. In total, her 14 queens of the world lasted her 70 years as head of state.
For example, in Australia, the change applies not only to $5 bills, but also to 5 cent, 10 cent, 20 cent, 50 cent denomination, $1 and $2 bills.
