Page 12 - aruba-today-20220914

A12 business
Wednesday 14 september 2022

Queen Elizabeth is featured on several

currencies. Now what?

website said.
The Bank of Canada said
its current $20 banknote,
made of synthetic polymer,
is designed "to circulate for
years to come."
"There is no legislative re-
quirement to change the
design within a prescribed
period when the Monarch
changes," the Bank of Can-
ada said.
In general, when a new
portrait subject is chosen
for Canadian money, the
Fiji $10 and $20 bills bills are pictured in Sydney, Saturday, Sept. process begins with draw-
10, 2022. ing up a fresh design, and
Associated Press a new note is ready to be
issued "a few years later,"
By KELVIN CHAN on its website. the bank said.
AP Business Writer With 4.7 billion U.K. The Reserve Bank of New
LONDON (AP) — Queen banknotes worth 82 bil- Zealand said it will issue all
Elizabeth II has been de- lion pounds ($95 billion) in of its stock of coins depict-
picted on British banknotes circulation and about 29 ing the queen before new
and coins for decades. Her billion coins, British money ones go out with Charles'
portrait also has been fea- bearing the queen's image image. The queen also is
tured on currencies in doz- will likely be in circulation featured on the $20 bill,
ens of other places around for years. which is made "infrequent-
the world, in a reminder of "Rather than all of the cur- ly" and there is no "plan to
the British empire's colonial rent coins and notes be- destroy stock or shorten the
reach. ing handed in, the process life of existing banknotes
So what happens next af- will be a gradual one and just because they show the
ter her death this week? It many of the coins featuring Queen," the bank said.
will take time for the United portraits of Queen Elizabeth "It will be several years
Kingdom, Canada, Austra- II will remain in circulation before we need to intro-
lia, New Zealand and other for many years to come," duce coins featuring King
countries to swap out the according to Coin Expert, Charles the Third, and lon-
monarchs on their money. a British coin research web- ger until stocks of $20 notes
Here's a look at what is next site. are exhausted," it added.
for the paper cash featur- After Charles takes the THE QUEEN'S CURRENCY
ing the late queen: crown at his coronation, a She first appeared on mon-
SWITCHING MONARCHS new portrait will need to be ey when she was still a prin-
The queen's portrait on Brit- taken to use on redesigned cess. That was in 1935, when
ish notes and coins is ex- notes and coins, the web- Canada's $20 bill featured
pected to be replaced by site said. 8-year-old Princess Eliza-
a likeness of the new King Coins featuring him will beth, whose grandfather
Charles III, but it won't be show him facing to the left, King George V was then
immediate. replacing the queen's right- the monarch, as part of a
"Current banknotes featur- ward gaze in line with tradi- new series of notes.
ing the image of Her Maj- tion dating to the 17th cen- Canadian $20 bills were
esty The Queen will contin- tury. It dictates monarchs updated with a new por-
ue to be legal tender," the be shown in profile and in trait of the queen in 1954, a
Bank of England said. An opposite direction to their year after her coronation,
announcement on existing predecessors. and her portrait also start-
paper money issued by the WHAT ABOUT OTHER COUN- ed appearing on other cur-
U.K.'s central bank will be TRIES? rencies around the world,
made after the official 10- Other nations' currencies mainly British colonies and
day mourning period has that feature the queen — Commonwealth countries.
ended, it said. from Australian, Canadian British bills didn't get her
The Royal Mint, which is and Belizean dollars — image until 1960 — seven
the official maker of British also will be updated with years after her coronation.
coins, said all coins with her the new monarch, but the That's when the Bank of
portrait "remain legal ten- process could take longer, England was granted per-
der and in circulation," with because "it is much easier mission to use her likeness
more information to come to enforce a new design on paper money, starting
later. in the country where it with the 1-pound note,
"As we respect this period originates, rather than in though the formal and re-
of respectful mourning, we other countries where dif- gal image was criticized
continue to strike coins as ferent jurisdiction may take for being too severe and
usual," the Royal Mint said place," the Coin Expert unrealistic.q