What happens next for our currency? A coin specialist explains

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The process of designing the new currency with the king’s face will begin in the coming weeks.

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Coins and banknotes with the face of Queen Elizabeth II may have been in circulation for a decade, while new coins with the portrait of King Charles III are gradually being introduced.

The process of producing the new currency with the face of the king is likely to be a few months away, according to heritage coin specialist Peter Hutchinson of Hattons, a London coin specialist.

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“I think Her Majesty the Queen’s face will be with us for some time,” he said.

Is my old currency still valid?

The Bank of England confirmed last week that all existing notes and coins bearing the Queen’s face will remain legal tender, and that “a further announcement regarding existing Bank of England banknotes will be made after the mourning period has been observed”. .

When will we see the new currency with the face of the king?

“There are very few people alive who will remember the last change,” Hutchinson says.

“George VI still must have had a pose in the first decade of His Majesty’s reign.”

In the next few weeks, the process of creating a new currency with a portrait of King Charles III will begin, he said.

At first, says Hutchinson, the creation of the king’s portrait for coins would have to be tendered, asking a small number of artists to submit.

“Then a board made up of people from the mint, the treasury and the palace will choose who will be taken forward,” he explains.

“It’s going to take some time.”

In his estimation, we won’t see a pose with the new king’s face until at least January.

“In the affairs of the last four kings, they all joined in a year, and their currency came a year later.”

When will the existing notes cease to be in circulation?

“Probably by now, no new notes will be printed,” says Hutchinson.

But existing currency, especially the new polymer notes, are designed to withstand many years of use.

And the mint will already have a number of pre-made notes and coins that will be added to circulation in the coming weeks, meaning it could be years before the old currency disappears.

Hutchinson points out that when decimalization occurred, older coins and banknotes were quickly discarded to move to the new system, but this is not necessary when the value of the notes themselves is not changing.

Will my Queen Elizabeth’s notes and coins be worth anything?

Hutchinson suspects that coins or banknotes bearing the Queen’s face would have much value because they are so common.

But he admits he’s starting a collection just in case.

“I am taking all coins out of my wallet from this year 2022 because they will always have significance,” he says.

Credit: www.standard.co.uk /

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