Following the announcement of the monarch's death, The Bank of England — which is the central bank of the United Kingdom — announced plans for banknotes featuring the image of the Queen.
"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," the statement read. "Current banknotes featuring the image of Her Majesty The Queen will continue to be legal tender."
The statement continued, "A further announcement regarding existing Bank of England banknotes will be made once the period of mourning has been observed."
The first £1 note featuring the Queen's likeness was issued by the Bank of England in 1960, The Washington Post reports.
The Queen also appears on bills in Canada, coins in New Zealand and money from the Eastern Caribbean central bank, according to The Guardian.
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Replacing the banknotes could take at least two years while coins could take longer, the publication notes.
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In addition to currency, it is also expected that stamps featuring the image of the Queen will be replaced with the new monarch, King Charles III, per The Guardian.
However, the more than 100,000 Royal Mail post boxes — bearing Queen Elizabeth's Royal Cypher ERII — are likely to remain in place, Sky News reports.
New postal boxes will feature the new monarch's Royal Cypher, according to the outlet.
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Queen Elizabeth died at age 96 on Thursday afternoon. Buckingham Palace announced in a statement that she passed "peacefully at Balmoral," adding: "The King and The Queen Consort will remain at Balmoral this evening and will return to London tomorrow."