Coins, notes, stamps: what the passing of Queen Elizabeth II means for our money

The head of the Queen has been a feature of our money and stamps for decades ‒ what will change now that Charles III has ascended to the crown?

The passing of Her Majesty Queen Elizabeth II last week has not just garnered headlines across the world ‒ it also has a big impact on our money.

And that is in the most literal sense ‒ every note and coin that you find in your wallet or purse will likely have the Queen’s face on it.

With the ascension of Charles to the crown, there are obviously big questions to be answered around when our currency will start to reflect the new monarch.

Phasing out

The first thing to emphasise is that the transition here is going to be a gradual one. There are billions of coins in circulation with the Queen’s head on them, so they will not be disappearing any time soon.

Indeed, the Royal Mint has stated that it will continue to strike coins as usual, as well as highlighting the fact that the currency remains legal tender.

This is the case with the Bank of England too, which produces the notes that we use.

The Queen has featured on each note produced by the Bank of England since 1960, and these notes will be phased out over time once the new notes begin being produced.

It’s important to note that notes produced in Scotland and Northern Ireland do not have the monarch on them.

The new currency

Instead, the Royal Mint will start to produce coins and notes with the head of the new monarch on them.

There is no timetable set for this process, though it’s understood that Charles will sit for a new portrait to be used on the currency.

Charles has previously figured on a coin ‒ the Royal Mint issued a coin back in 2018 to commemorate Charles’s 70th birthday, so we have an idea of what it may look like.

The coins are no longer available, and ranged in price from £92.50 for a £5 silver proof coin to £5,310 for a £5 platinum proof coin.

However, it’s worth noting that unlike our current coins, Charles will be facing to the left. Tradition dictates that the direction faced by the monarch alternates for each new monarch.

What about stamps?

It’s not just coins and notes though; the Queen’s profile is also an integral feature of our stamps.

Indeed, all stamps issued by the Royal Mail since 1967 have featured the side profile of the late monarch.

While the existing stamps featuring that profile can still be used, the Royal Mail will no longer produce any more featuring the Queen. Work will now begin on producing new stamps featuring King Charles.

A spokesperson said: “Stamps bearing the image of Her Majesty Queen Elizabeth II remain valid for use. These include definitive stamps - regular ‘everyday’ stamps - and special stamps.

“As previously announced, following the introduction of barcodes to everyday stamps, these stamps remain valid until the end of January 2023. All special stamps that have already been announced will be issued, although the launch dates of some may change.”

Where you post your letters will also start to change.

Thousands of postboxes across the country bear the cypher of Elizabeth II, EIIR. New postboxes installed outside of Scotland will now instead feature the cypher of Charles.

Will my old coins, notes and stamps gain value?

The fact that coins, notes and stamps featuring the Queen will no longer be produced may have you wondering if your existing ones will become more valuable in the years ahead.

However, it’s worth bearing in mind that scarcity is always the big factor here ‒ they are only likely to grow in value if they are already somewhat rare.