As King Charles III ascends the throne, UK currency carrying the Queen’s portrait will be phased out gradually. It will then be recovered by the bank when deposited.
But what happens to Commonwealth Nations and Overseas Territories currency?
We’ve not seen a change in monarchs since 1952. So, we don’t know for certain what will happen with the coins and notes.
However, there have been some interesting changes regarding the Commonwealth’s coinage since Queen Elizabeth II’s coronation.
The new 12-sided £1 coin was introduced in 2017. Overseas Territories and Crown Dependencies were able to design and mint their own versions (for the first time!).
This included designs celebrating the history of these territories. However, they needed to go through security standards checked by The Royal Mint before approval.
As Charles officially ascends the throne, could we see further variation in the Commonwealth Nations and Overseas Territories’ coinage?
It’s expected that these territories will also continue to use their current coinage until further notice.