Bank notes and coins
The Guardian reported that there are 4.5 billion sterling bank notes in circulation with the queen’s face on them — worth a total of £80 billion. Replacing those with notes that feature King Charles will take two years at least. Since 1960, the queen’s face has appeared on £1 notes. She’s also on $20 banknotes in Canada, the Australian $5 note, and on coins and notes in many other Commonwealth countries.
Royal warrants and arms
The queen’s royal warrant is given to businesses that have historically supplied the royal family. There are reportedly more than 600 of them — including Gordon’s gin and Swarovski jewellers. These companies will lose their warrants, unless given a new one. It’s possible that the criteria for royal warrants might change, requiring better environmental standards, for example.
The royal arms, featuring a lion, a unicorn and a shield, appears on many government buildings and on stationery. Changing all that would be very expensive, but it may not be necessary — unless the king chooses to update the royal standard.
Post boxes, stamps and flags
From police stations to military regiments, thousands of flags across the UK and the Commonwealth display the royal cypher “EIIR” (“Elizabeth II Regina”). Replacing these will be a huge task. Britain’s iconic red post boxes, also marked with ER, will most likely stay. There are much older post boxes still in use today. However, the post office will soon start using new stamps with the profile of King Charles.
The Commonwealth
Of the 56 Commonwealth nations, 14 countries recognize the British monarch as head of state. Many of them became independent only in the 1960s, and their constitutions must be updated. In some cases, like Jamaica, which has a strong republican movement, constitutional changes require a referendum. After Barbados became a republic in 2021, the queen’s death might prompt other Commonwealth nations to do the same.
The wealth of the royal family
Most of the royal family’s wealth — thought to be more than £18 billion in property and other investments — will automatically pass to King Charles. This includes the monarch's primary source of income, the Duchy of Lancaster estate. And thanks to a law introduced in 1993 to protect royal assets, the king pays no inheritance tax on the estate, reportedly worth more than $750 million. Non-royal residents of the UK pay a 40 per cent tax on property valued over £325,000. Other parts of the estate move down the line of succession. Prince William (now the heir to the throne) has inherited the private Duchy of Cornwall estate from his father. This large estate of land and property in the southwest of England has been in the family since King Edward III created it in 1337. It covers almost 140,000 acres and is valued at around £1 billion.
What will it cost?
Even in death, someone must pay the bill. The true cost of Queen Elizabeth’s death may never been known, as much of the UK economy simply stopped working when the news was announced — many businesses closed and events were cancelled. As a comparison, William and Kate’s wedding, in 2011, had a nominal cost of around £30 million, but the event probably cost the economy several billion pounds in lost work. The death of a beloved queen and the coronation of the new king will be much more expensive.