Season five of the popular Netflix show ‘The Crown’ hit our screens last week, covering a controversial and difficult period for the Monarchy in the early 1990s.

With the new season airing shortly after the arrival of a new Monarch, it prompted us to ask the question, ‘what happens to our coins and banknotes now we have the first King for 70 years?’

The Bank of England has reassured that all notes and coins remain legal tender and, if and when there is change approaching, they will provide the public with plenty of notice.

Banknotes

There are approximately 4.5 billion individual banknotes in circulation, equating to £80 billion. Notes featuring the Queen’s image will eventually be phased out but not for some time yet. Any new banknotes that feature King Charles III aren’t expected to enter circulation until mid-2024 and, excitingly, they will be revealed to the public by the end of this year.

The Queen has appeared on all Bank of England notes since 1960, although notes issued in Northern Ireland and Scotland do not feature the Monarch. When the new banknotes enter the public domain they will co-circulate with banknotes that feature Queen Elizabeth II.

Coins

There are 29 billion coins circulating the UK that feature the late Queen Elizabeth II. Her Majesty had a total of five portraits featured on British coins since she began her reign in 1952 and the most recent image of the Queen featured on our coins entered circulation in 2015.

On the 28 October 2022 the Royal Mint announced its production of the first circulating coins to feature King Charles III – all 9.6 million of them for distribution! This represents a significant moment in history and the biggest change to UK coinage since decimalisation.

The first coin featuring the King - a 50 pence coin honouring The Queen in tribute to her reign - will be distributed from December 2022. On the other side of the 50 pence coin will be a portrait of King Charles III created by British artist, Martin Jennings. The biggest difference to the King’s portrait compared to his late mother’s is he will be facing the left, whereas her Majesty’s effigy always faced the right.

The British pound isn’t the only currency that will see a change due to the passing of Queen Elizabeth. The image of Her Majesty features on the currency of 35 countries, including Canada, New Zealand and Fiji. The Guinness World Records said the feature of Queen Elizabeth across global currencies is more than any other monarch. Queen Elizabeth II was head of the Commonwealth and it is more than likely the other 35 countries will change their coins to the new monarch, King Charles III, also.