Volumatic reassures customers that changes to cash will take some time following the Queen's passing

15 September 2022

UPDATE (27th September 2023): The Bank of England will reveal images of updated banknotes featuring a portrait of HM King Charles III by the end of this year. The notes are expected to enter circulation by mid-2024. 

On Thursday 8th September 2022, the news we had all been fearing was announced - Her Majesty Queen Elizabeth II had died, bringing to an end her 70-year reign.

For the majority of people across the UK, Queen Elizabeth is the only monarch we can remember in our lifetime, so it goes without saying that as such a presence throughout our daily lives - appearing on our currency, stamps, TV screens and even our social media channels - getting used to changes that will occur following her passing and a new King coming to the throne will require a significant period of adjustment.

And the question on everyone’s lips in the cash industry is, what will happen to the banknotes and coins currently in circulation that feature the Queen now she has passed away?

Official Guidance from the Royal Mint

According to The Royal Mint, there will be no immediate changes and all current banknotes and coins featuring the Queen will remain legal tender and in circulation for the foreseeable future – except for the £20 and £50 paper notes that have already been announced as due to expire at the end of September 2022.

Although it has been a considerable amount of time since a new monarch has featured on UK money, the Royal Mint has had a long-standing plan in place for what will happen after the death of the Queen, and the first job in hand will be to commission a new portrait of King Charles III to feature on a new design for our banknotes and another side-facing portrait to appear on our coins.

One change we already know about is the tradition (dating back to the 17th Century) that coins featuring the new King will show him facing to the left – the opposite way to how the Queen faced – which alternates between every new monarch.

Following approval of the new designs from both the King and the Chancellor, The Royal Mint will then print millions of pounds worth of new currency featuring our new King and then distribute across the UK, but it will be some time before these new designs enter general circulation.

What does this mean for Volumatic customers?

Even when this happens, the Bank of England has confirmed that our existing notes and coins will still remain legal tender and are likely to be phased out gradually over many months or even years.

Volumatic MD James Harris said: “Volumatic works very closely with both the Royal Mint and the Bank of England and will be well positioned to support our customers in a timely manner with any changes to either notes or coins that may come about in the future.”

The Bank of England will be making a further announcement on about the country’s existing notes once the official period of mourning for the Queen has been observed.

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