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The revival of the Royal Mint: a financial and historical heritage

The 20/09/2022 in "Customer information"

The death of Queen Elizabeth II was a landmark event in UK history. Like many things involving the British Royal Family, the sad demise of the monarch has for some days been governed by a sequence of events mixing tradition and convention.

Indeed, following the loss of Queen Elizabeth II on 8 September, a period of national mourning was declared which extended for several days after her funeral.

Thus, the death of the sovereign will remain engraved in the hearts of the British people but also in the continuation of a royal lineage with the succession to the throne of Charles III, future monarch of England. His coronation would follow a considerable change in English history and also in the creation of a new currency for English royalty.

 


The Royal Mint: a unique monetary heritage 

 


The Royal Mint is the company responsible for the production and distribution of British coins. 

As the world's largest export mint, it also produces coins and medals for other countries. For over 300 years, one of the Bank of England's primary roles has been to commission and issue banknotes.

Currently, all 29 billion coins in circulation in the UK bear the portrait of Queen Elizabeth II.

The Royal Mint has therefore worked with the Queen throughout her 70-year reign, detailing her journey from new monarch to respected head of state through five coin portraits ensuring that each new coin receives her personal seal of approval.


On British coins, the Queen is always depicted facing to the right in keeping with a 17th century tradition of successive monarchs facing in rather alternating directions on different coins. Thus, the tradition will continue with the introduction of a new royal coin bearing the effigy of Charles III, where he will have his profile turned to the left. 

 


The demise of Queen Elizabeth II brought about many changes in Great Britain, including the royal line of succession and the words of the national anthem. 

 


However, one of the main changes will be to the British currency, which mainly bears the figure of the monarch.

 


The succession to the throne: a gradual change for the Royal Mint

The British Royal Mint, which is responsible for the manufacture and issue of British coins, has not yet stated how or when it will start issuing coins bearing the portrait of King Charles III.

Therefore, a new profile of the new king will be commissioned and a new coin will be printed by the Royal Mint. It was then distributed throughout the country.

The process of replacing the portrait of Queen Elizabeth II will take several years because of the number of banknotes bearing her image, for example.

It should also be noted that there are currently over 4.7 billion Bank of England notes and over 29 billion coins in circulation, according to the Royal Mint.

The UK will not be the only country to change its currency after the death of the Queen. The face of the monarch appears in more than 33 different countries, for example on banknotes and coins issued in Canada, New Zealand and other parts of the Commonwealth.

In addition, in Australia, the Royal Australian Mint expects the new coins to be put into circulation during 2023. The changes will affect the 5 cent, 10 cent, 20 cent, 50 cent, 1 dollar and 2 dollar coins in particular.

In conclusion, the RoyalMint stated that my coinage bearing the image of the late Queen will continue to be legal tender and may continue to be used.

A further announcement regarding British currency will be made once the period of mourning has been observed following the death of the monarch.

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