The Bank of England has said that the banknotes bearing the queen image will still remain a legal tender until further communication on the matter is made.

Queen Elizabeth II was confirmed dead at the age of 96. She died at Balmoral Castle on Thursday 8 September 2022 after  70 years of reign.

Buckingham Palace said, “The Queen died peacefully at Balmoral this afternoon. The King and The Queen Consort will remain at Balmoral this evening and will return to London tomorrow.’’

But the Queen’s death has been projected to cost the UK billions of pounds.

A document seen in 2021 on the order of events after Elizebeth II’s death revealed the funeral will most likely take place 10 days after the Queen’s death.

On the day of the funeral,  the London Stock Exchange will close, as will most UK banks. But there are arguments about replacing currencies bearing the Queen’s image.

The Bank of England said in a statement that, “As the first monarch to feature on Bank of England banknotes, the Queen’s iconic portraits are synonymous with some of the most important work we do.

“Current banknotes featuring the image of Her Majesty The Queen will continue to be legal tender. A further announcement regarding existing Bank of England banknotes will be made once the period of mourning has been observed.”

According to reports, replacing the banknotes could take at least two years while coins could take longer.

Asides the currency, stamps featuring the image of the Queen will be replaced with  King Charles III, according to The Guardian.

But a Sky News report suggests that the over 100,000 Royal Mail post boxes having Queen Elizabeth’s Royal Cypher may not be replaced.