It will cost Britain BRL 3.5 billion to replace the banknotes

After Queen Elizabeth II passed away today, Thursday (8).
, the throne passed to Charles III, the head of the British royal family. Traditionally, the Queen’s face must be removed from pound sterling (£) banknotes within two years.

A gradual transition to the new monarch’s face ballots over the next few years, if permitted, is a current possibility. Today, around 4.5 billion rupees bearing the face of Elizabeth II are in circulation. A chosen photo of Charles III will still be selected, no date has yet been set.

From 1960, the monarch stamped the country’s banknotes, the face of which is found on all banknotes and coins in circulation in the UK today. Along with the money transfer, the British government must submit a transfer to Buckingham Palace and pay about R$3.5 billion.

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Pounds issued outside countries such as Northern Ireland and Scotland have their own historical figures, but many countries such as Canada, New Zealand, Jamaica and 30 other countries have printed the Queen’s face on their physical money. If so, change is up to each individual’s government.

A further £14.5bn of paper ballots are being returned in the country. The demonetisation will last till September 30 this year, making it one of the only countries to use only plastic bills as banknotes.

Payments already made are non-refundable. There are currently around 29 billion coins in circulation in the UK.