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King Charles III is expected to replace Queen Elizabeth II’s likeness on the British currency after her death on Thursday.
The Bank of England will likely recall and replace sterling notes and coins with the Queen’s profile in the coming months.
The process of phasing out old coins and bills and replacing the image of the queen with a portrait of Charles should take about two years.
Although no official plans have yet been announced, the Bank of England has assured the British that the currency with the queen’s image will remain legal tender.
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“Current banknotes with the image of Her Majesty the Queen will continue to be legal tender,” the Bank of England said in a statement following her death Thursday.
“A further announcement on existing Bank of England notes will be made once the mourning period is observed,” the bank added.
There are approximately 4.5 billion banknotes in circulation in the likeness of the queen.
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In Australia, Charles-like coins should face left, according to the Canberra Times. Current coins featuring the queen’s profile face right. The tradition of reversing the directions of the profiles is believed to have started with Charles II in 1660.
The one exception to the tradition is Edward VIII, who reportedly insisted that his profile should face left. Edward later abdicated the British throne to marry American divorcee Wallis Simpson.
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Edward’s abdication opened the way for Elizabeth’s father, George VI, to ascend and ultimately hand her the title upon his death.
Canadian coins will be updated with Charles likeness depending on the actions of Prime Minister Justin Trudeau’s government. Elizabeth’s portrait is featured on the reverse of Canadian coins and on the Canadian $ 20 bill.
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Although his government did not announce the next steps, Trudeau mourned Elizabeth’s death on Thursday.
“He was one of my favorite people in the world,” the Canadian prime minister said while wearing a dark suit at a press conference. “I will miss him so much.”