What do I do with my coins and notes?

‘What do I do with my Queen Elizabeth II coins and banknotes?’

Coins featuring Queen Elizabeth II’s portrait will gradually be phased out as King Charles III’s coinage enters circulation. Find out more here >>

Many collectors will hold onto their Queen Elizabeth II coins. Historic coins featuring previous monarch portraits are always a point of interest due to their limited quantities.

1940 Penny featuring King George VI portrait on the obverse and Britannia on the reverse.
Credit: Wikimedia Commons
1940 Penny featuring King George VI portrait
Credit: Wikimedia Commons

Whilst it’s yet to be confirmed if we will see further coins struck with Queen Elizabeth II’s portrait, it may be worth holding onto your 2022 and 2023 dated coins.

We’ll also see a new portrait on banknotes and stamps. The transition from existing bank notes to ones with the King’s portrait will be gradual.

We still see paper banknotes circulating alongside polymer banknotes. Whilst the paper £20 and £50 banknotes lose their legal tender status at the end of September, it’s been 7 years since the first polymer note was introduced.

So, keep tight and hold onto your coins and banknotes for now.

Find out more about what happens to UK coins and banknotes. Click here >>