UK Bank Notes With Queen Elizabeth's Image: Will They Remain Legal Tender?

Following the death of Queen Elizabeth II, the Bank of England (BoE) said the current banknotes featuring the image of the Queen will continue to be legal tender.

“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,” BoE said in a statement.

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Polymer Notes: The announcement follows BoE’s efforts to replace paper notes with polymer series, with just 22 days remaining for the old notes to be phased out. The BoE has asked people to deposit the paper notes with banks or Post Office before September 30, 2022.

“As paper notes are returned to the Bank of England, they are being replaced with the new polymer £20 notes featuring JMW Turner, and polymer £50 notes featuring Alan Turing,” the BoE stated on its website. Once the deadline has passed, the paper notes will no longer be accepted in shops or businesses.

Price Action: The pound stabilized on Friday after the GBP/USD pair fell to as low as $1.1406 on Wednesday, its lowest since 1985. The pair was trading at over the 1.159-mark at the time of writing. Legendary bond investor Bill Gross said he was bullish on the pound because of the dollar’s over-valuation against all major currencies, reported Bloomberg.