In the United Kingdom there are more than 4.7 million banknotes with the face of the queen. They will all be replaced

This was the tribute with 96 cannon shots in tribute to Elizabeth II 1:30 London (CNN Business) — Billions of banknotes and coins from around the world with the face of Queen Elizabeth II will be replaced after her death.
For almost 70 years, the queen’s image has appeared on UK coins, with different portraits of her profile as she aged. She has graced the nation’s banknotes for more than 60 years, being the first British monarch to do so. Her portrait also appears on the currency of several countries that were under British rule. Since 1953, a year after the queen came to the throne, UK coins have carried five different versions of her portrait. The queen appeared on the country’s banknotes beginning in 1960. But now the Bank of England, which prints the country’s banknotes, and the Royal Mint, which manufactures its coins, face the considerable task of removing that queen. circulation currency and replace it with money with the portrait of King Carlos III. There are more than 4.7 million notes in circulation in the UK, with a collective value of 82 billion pounds ($95 billion), according to the central bank. There are also some 29 billion coins in circulation, according to the Royal Mint. The new money is likely to be gradually introduced and co-exist as legal tender with the old bills and coins for some time. A similar phase-in occurred in 2017, when the Royal Mint began issuing a new 12-sided £1 coin. The new coin circulated concurrently with the old round-shaped pound sterling for six months before the latter lost its status as legal tender. But it’s not just the cash that will require a makeover. The UK is facing a gigantic operation to change the royal insignia on thousands of postboxes and newly issued passports. No changes yet The Royal Mint said in a statement on its website that the coins bearing the image of the queen “remain legal tender and are in circulation,” and that their production will continue as usual during ” this period of respectful mourning”. The Bank of England said that the “iconic portraits of the queen [eran] synonymous” with some of his most important works. “Current banknotes bearing the likeness of Her Majesty the Queen will remain legal tender,” it said in a statement Thursday. (At one point on Friday, so many people were trying to access the Royal Mint’s website that there was a virtual queue to get in. The central bank said it would outline its plans to replace existing notes after the mourning period. The Royal Mint also said it would an announcement in due time. The queen’s image also appears on some notes and coins of the Commonwealth, an association of 56 countries, almost all of them formerly colonized by the United Kingdom. In Canada, where the queen remains head of State, his image appears on Canadian $20 bills.”The current $20 polymer bill is destined to circulate for years. There is no legislative requirement to change the design within a certain time when the monarch changes,” Amélie Ferron-Craig, a spokeswoman for the Bank of Canada, said in a statement to CNN Business. Canada’s finance minister is responsible for approve the design of new banknotes, Ferron-Craig added, and those notes typically take a few years to issue. Also in Australia, the queen’s portrait appears on the Australian $5 note. The Reserve Bank of Australia said on Friday that there would be “no immediate changes” to its notes, adding that its Australian $5 notes “will not be retired” and will likely remain in circulation for years.