Bank of England has plans to replace the Queen with King Charles III on its money

In this Jan. 20, 2003 file photo, a series of bank notes are displayed in central London. VERONIQUE DE VIGUERIE/AP

The Bank of England will replace all bank notes and coins featuring Queen Elizabeth II’s portrait with new ones, bearing the image of Charles III, BoE has said in a statement.

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

According to The Guardian’s report, the process is expected to take about two years.

Related changes are also expected in other Commonwealth realms, formally governed by the British monarchy and having money with Elizabeth II’s portrait in circulation, including Australia, Canada, New Zealand, Jamaica and others.

Britain’s Queen Elizabeth II, the world’s longest-serving monarch, died at the age of 96 in Balmoral Castle in Scotland on Thursday afternoon. Charles, 73, Prince of Wales – the eldest son of late Queen Elizabeth II – has become the new king of the United Kingdom. He will officially reign under the title of His Majesty King Charles III. The Queen’s funeral will take place 10 days after her death.

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