Here’s what could start happening to money this year now Charles is king

Coins and notes are set to undergo a major transformation in the wake of Queen Elizabeth’s death last year.

Throughout Her Majesty’s historic seventy-year reign on the throne, British currency has featured her portrait, with the most recent image being added in 2015.

The portrait was designed by Jody Clark, and shows a side profile of the Queen wearing a crown and drop earrings.

The portrait appears on £1 coins, £2 coins, 50ps, and 20ps, and even on a number of copper pennies. Notes, meanwhile, feature a traditional portrait from the 1990’s.

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However, these designs will need to be updated now King Charles has ascended to the throne. 

The current designs in circulation will be discontinued and a new design that represents the new head of state will replace them.

Read More: How Manchester will pay its respects to the Queen as period of mourning begins

However, this won’t all happen straight away, meaning the coins or notes bearing Queen Elizabeth’s portrait will remain as legal tender for the time being. 

An estimated date for the new coins and notes is yet to be revealed, though when the Queen’s father King George VI died in 1952, money featuring his portrait remained in circulation for almost twenty years. 

These were eventually removed when decimalisation was introduced in 1971.

Reports claim the Royal Mint is likely to continue with the production of the current portrait and design until at least the end of 2022, meaning a new design may not come into circulation until 2024. 

The new designs will feature a portrait of King Charles, though he will face to the left instead of the right – this is because tradition requires any new monarch to be positioned in a different direction to their predecessor. 

Once currency bearing the Queen’s image gradually stops production, they’ll be harder to come across and therefore will become more valuable.