Following the death of Queen Elizabeth II, the Bank of England plans to update its currency with the image of King Charles III.

Currency featuring Queen Elizabeth II will eventually be withdrawn from circulation. According to the central bank, over 4.7 million banknotes and 29 billion coins featuring the queen鈥檚 likeness are in circulation in the U.K. The queen鈥檚 image has been used on U.K. coins for nearly 70 years and banknotes for over 60 years. Several countries that were formerly governed by Britain also use her portrait on their currencies. The updated money will likely be introduced gradually and appear as legal tender alongside outdated currency for a period of time. 鈥淐urrent banknotes featuring the image of Her Majesty The Queen will continue to be legal tender,鈥� The Royal Mint, via statement.

Canada and Australia, which feature the queen on their $20 and $5 banknotes, respectively, said there will be no 鈥渋mmediate change鈥� to their currencies. The current polymer $20 bank note is intended to circulate for years to come. 鈥淭here is no legislative requirement to change the design within a prescribed period when the Monarch changes.鈥� Said Am茅lie Ferron-Craig, a spokesperson for the Bank of Canada