Banknotes and coins with The Queen's face on them will continue to circulate in the meantime and will be legal tender when making a purchase. Eventually, currency with Elizabeth's image will be phased out and recovered by the bank when they become worn out.
The History of the Queen's Face on Money
“All Australian banknotes issued from 1913 retain their legal tender status,” a Reserve Bank's spokesperson told the ABC. “So the currently circulating $5 banknotes would still be able to be used should a new banknote be issued as a result of a change in monarch.”
Now that the Queen has passed away it is expected that notes and coins in circulation with the Queen's portrait will gradually be replaced by new printed and minted notes and coins with Charles' image. A portrait of Charles will first have to be chosen and then distributed.
After Charles takes the crown at his coronation, a new portrait will need to be taken to use on redesigned notes and coins, the website said.
Who inherits the Queen's wealth? King Charles is the sole beneficiary of the Queen's wealth, including her £650 million estate. On top of this, she amassed tens of millions of pounds in her own cash and assets, mainly from art and racehorses.
So what will Prince Harry inherit from Queen Elizabeth? Representatives told Forbes in 2021 that Harry was not a beneficiary of any of the $100 million left to the royal family by his great-grandmother, the Queen Mother.
Princess inherited Queen Elizabeth's jewellery
According to Radar Online, Princess Kate is expected to inherit Queen Elizabeth's jewellery collection, estimated to be worth around $110 million (£90.67 million) and has over 300 personal pieces that belonged to the late Queen and not the Crown.
New currency will be printed and distributed out all over the UK, while the old currency is gradually phased out. Slowly the old coins and notes will be removed from circulation when worn out. However, they will remain legal tender until a certain date which is yet to be confirmed.
Before that, the Queen's coffin will lie in state at Westminster Hall in London for four days, and members of the public will be allowed to visit. On the day of the funeral, schools and businesses will close, there will be a two-minute national silence, and the Stock Exchange will close.
The new coins and bank notes will look almost the same as those we have at the moment, the only difference being that the face of King Charles will replace that of Queen Elizabeth II. This means that the new £5 will remain green, the £10 note orange, the £20 purple and the £50 red.
Tender featuring Elizabeth will be valid for the foreseeable future, and will circulate with the new currency. Having two monarchs mingling in a coin purse may seem strange to those who have only known one queen in their lifetime.
Official Government guidance currently states: "There is no obligation on organisations to suspend business during the National Mourning period.
Food banks are closing their doors out of respect for the death of Queen Elizabeth II. On Monday a Stoke-on-Trent food bank announced that it would close three distribution points at churches in the city, as well as its warehouse and office on the day of the funeral which will take place at Westminster Abbey.
Following the death of the Queen, the RBA released a statement saying there would be "no immediate change" to Australian banknotes. And you don't need to worry about losing your hard-earned cash. The RBA says all Australian banknotes issued from 1913 retain their legal tender status.
Existing currency with the effigy of Queen Elizabeth II will remain in circulation and continue to be legal tender. Coins bearing the deceased monarch's mark may continue to be minted during this transition period.
How will currency change after Queen Elizabeth's death? King Charles III will be featured on new bills starting in 2024, though money with the Queen's portrait will continue to be valid.
The breaking of the wand of office is a ceremonial tradition which brings to an end the sovereign of a monarch. For Queen Elizabeth II, the wand will be broken and then placed on the late monarch's coffin.
However, under an arrangement drawn up in 1760, the King will hand on all profits made from these assets to the government. He will receive back 15 per cent of these profits from the British government. Called the Sovereign Grant, this covers the costs of royal engagements, staff salaries and the upkeep of palaces.
If tradition prevails, most of the Queen's personal jewels will be passed on to King Charles III and Queen Camilla. It is speculated that Catherine, Princess of Wales will also receive some of the jewels as she will eventually be Queen.
After the princess' death, most of her personal jewelry was inherited by her two sons Princes William and Harry, with pieces loaned to her during her lifetime being returned to Queen Elizabeth II, where they are most likely to have been inherited by King Charles in 2022.
Most of her personal estate will be inherited by her son, King Charles. Looks like Meghan Markle, the Duchess of Sussex, will probably receive nothing of value, Radar reported. Princess of Wales Kate Middleton is set to inherit $110 million worth of jewelry that Elizabeth II left behind, according to reports.
Princess Charlotte has been refered as "the richest kid in the world" due to her status as a member of the British royal family, which is one of the wealthiest and most prominent royal families in the world.
The Duke and Duchess of Sussex have lived in the US since stepping down as working royals, in 2020. Prince Harry and Meghan no longer receive money from the Royal Family and have a series of commercial arrangements with a number of companies.
According to Bloomberg, William will now earn $24 million a year from the Duchy of Cornwall.
Schools across the UK are set to remain open following the Queen's death after the Department for Education issued guidance.