Bank of England has disclosed that banknotes bearing the late Queen Elizabeth’s image will still remain a legal tender until further communication on the matter is made.
Buckingham Palace on Thursday confirmed that Queen Elizabeth II, Britain’s longest-reigning monarch and the nation’s figurehead for seven decades died at age 96.
“The Queen died peacefully at Balmoral this afternoon,” Buckingham Palace said in a statement.
“The King and The Queen Consort will remain at Balmoral this evening and will return to London tomorrow.”
A documentary by Business Insider in 2020 on the order of events after Elizebeth II’s death revealed the funeral will most likely take place 10 days after the Queen’s death.
On the day of the funeral, the London Stock Exchange will close, as will most UK banks. But there are arguments about replacing currencies bearing the Queen’s image.
The Bank of England said in a statement, “As the first monarch to feature on Bank of England banknotes, the Queen’s iconic portraits are synonymous with some of the most important work we do.
Current banknotes featuring the image of Her Majesty The Queen will continue to be legal tender. A further announcement regarding existing Bank of England banknotes will be made once the period of mourning has been observed.”
The banknotes could take at least two years while coins could take longer, according to reports
Asides the currency, stamps featuring the image of the Queen will be replaced with King Charles III, according to reports.⁶