Operation London Bridge: What will happen to Australian money when Queen Elizabeth II dies?
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It is hard to believe that Queen Elizabeth II has been reigning for over 70 years.
Her Majesty is not only the longest-reigning female monarch but also the longest-reigning monarch in British history. When she came to the throne in 1952, she was only 26 years old. Now, at 96, she is still going strong.
With a lifespan that has already surpassed that of her father, King George VI, and with the longevity of her mother, the Queen Mother, in mind, it is quite possible that the Queen could one day surpass France's Louis XIV — who reigned for 72 years from 1643 until 1715 — as the longest-serving monarch in history.
It is a testament to her strength of character that she has been able to reign for so long. She has seen many changes during her time on the throne, and has always managed to adapt. She is a true symbol of stability and continuity.
Of course, none of us live forever, and so there is always the possibility that the Queen may pass away in the coming years. In fact, there is a plan — called “Operation London Bridge” — on how the Palace will act once the Queen dies. If and when that happens, it will certainly be a sad day for the world. Flags will fly at half-mast, there will be a period of mourning, and Prince Charles will become King.
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Impact of Queen Elizabeth II's death on the Australian economy
Queen Elizabeth II’s death will not have a “significant economic impact” on Australia. Credit: Getty Images.
While Queen Elizabeth II is one of the most beloved and respected monarchs in recent history, it is hard to see how her passing will have much of an impact on the Australian economy.
The monarch does not have any direct economic power, so her death is unlikely to cause any major market shifts.
AMP Capital Head of Investment Strategy and Chief Economist Shane Oliver noted that there "may be a brief dip in consumer confidence" as the UK goes through a period of transition, but this is unlikely to have a lasting effect on the Australian economy.
He said: " [The drip] would likely be short-lived assuming there is a smooth transition to a new monarch."
"I doubt it would be enough to show up as a significant economic impact."
So it appears that it will be business as usual in Australia, even after the Queen's death.
Coins
Six profiles or 'effigies' of Queen Elizabeth II have appeared on Australian coins since ascending the throne in 1953. Credit: Sydney Morning Herald.
There is no doubt that the death of Queen Elizabeth II will have a significant impact on the coin market in Australia. While it is impossible to predict exactly what will happen, we can make some educated guesses based on historical precedent.
It is likely that there will be a surge in demand for coins featuring the Queen, as people attempt to cash in on what they believe will be a rapidly appreciating asset. This could lead to a short-term shortage of Queen-related coins, which could in turn drive up prices.
However, it is important to remember that coins only have value if they are rare. With over 15 billion Queen-themed coins in circulation, it is unlikely that they will become truly valuable overnight.
It should also be noted that since the ascended the throne in 1953, six profiles or 'effigies' of her image have appeared on Australian coins, with the latest design unveiled in 2018 and has been circulated since 2019.
The effigies signified the Queen's ageing as she serves as the head of the state.
The coins bearing the previous effigies of the Queen remain in circulation.
Nevertheless, some commemorative coins could see a significant increase in value, especially if they are scarce.
For example, purple-striped $2 coins issued in 2013 to celebrate the 60th anniversary of the Queen's coronation are currently trading at anywhere from $65 to $350. Around one million of these coins were minted, so they're not quite rare enough to be considered valuable just yet. But as the Queen's death will likely lead to an increased interest in all things related to her, it's possible that these coins will become more sought-after in the future.
Another example of coins that would most likely increase in value when the monarch dies is the 2007 double-headed 5 cent coin featuring the Queen's head on both sides - a production error by the Mint. These coins are currently selling for around $3,000-5,000, depending on the condition.
Additionally, collecting a few special edition coins such as the coins for the Queen's birthday celebration or the platinum jubilee in June 2022 may be a good idea.
It was said that the Perth Mint sells the gold-proof coins minted for the Queen's 95th birthday for $999.
King Charles
A number of changes will be observed once Prince Charles gets crowned as King. Credit: Paul Edwards, WPA Pool/Getty Images.
While the Royal Australian Mint is remaining tight-lipped on the matter due to “government protocol”, it's likely that we'll see a changeover not long after the Queen's death.
We can expect to see a slow but steady decommissioning of coins featuring Queen Elizabeth, as they are replaced by those with King Charles. This is likely to occur over a period of a few years.
In fact, there has been speculation in the UK press that Prince Charles has already sat for his coinage portrait in preparation for his mother's passing. So it's likely that the Mints will be ready to go as soon as the news is official.
It was also said that one key difference between the two monarchs' coins will be observed….
While Elizabeth's coins have all featured her facing to the right, Charles' will face to the left - a tradition believed to date back to the 1600s.
Speaking of following the royal tradition, it is interesting to think about the changes to Prince Charles’ name and title when the Queen passes away.
It can be assumed that Prince Charles will be known as King Charles III once he ascends the throne. However, did you know that he has the option to choose and go by a different name?
The Duke of Wales’ full name is Charles Philip Arthur George, so he may pick one of these names to be crowned under as some of his predecessors (including his grandfather George VI) did before him. It will be interesting to see what he decides to do once he is crowned as king.
Now, when it comes to bank notes, it should be noted that the producer of bills in the country is Note Printing Australia Limited (NPA) is a company solely owned by the Reserve Bank, meaning only the RBA gets to decide whether we will see an issue of commemorative notes featuring the image of the old or new monarch.
It should also be noted that at present, only the $5 note features an image of Her Majesty.
Influx of memorabilia
There will be an influx of memorabilia after the Queen passes. Credit: Justin Tallis/AFP via Getty Images.
It's a sad reality that many people will try to profit from the Queen's passing by selling memorabilia.
However, the likelihood of these items appreciating in value is slim.
Given the overwhelming supply of these items, it's unlikely that they will rise in value any time soon.
Cups and saucers, tea caddies, and tea towels from 1953 are already being advertised online for less than $50.
Additionally, glass plates with double images of King George VI and Queen Elizabeth from 1952 are being sold for an underwhelming price of $9.
If you happen to own any items related to the Queen, our advice is to hold onto them for sentimentality's sake, but don't expect to make a fortune off of them.
Also, if you're thinking of buying some royal memorabilia as an investment, you might want to think again. You're better off spending your money on something else.
Will Australia ditch the monarchy?
As Australia's head of state, the Queen plays a vital role in our system of government.
While there is no doubt that she has been a significant figurehead during her 70 years as our head of state, discussions on whether we should ditch the monarchy will undoubtedly be reignited.
The republican movement has been a hot topic in Australia for many years now. In fact, it's been over 20 years since the country held a referendum on becoming a republic, where the monarchists won 55% of the vote.
However, in a new poll conducted by the Australian Republic Movement (ARM), it was revealed that almost two-thirds of Australians are unaware of the Queen's role in the country's system of government.
Among ARM's respondents aged below 34, one in two thought the prime minister was our head of state.
This lack of awareness is concerning, particularly given that the Queen's reign is likely to come to an end in the next few years.
Earlier this year, ARM unveiled a new model for a republic, which it claims 73% of Australians would vote for if put to a referendum.
However, it was also expected that public sentiment could swing in favour of the British monarchy when Her Majesty's reign comes to an end.
Either way, it's clear that the republican debate is likely to dominate the political landscape in the years to come.
Remember our advice about keeping the Queen's memorabilia for sentimental value? Well, in any case, that Australia becomes a republic, we could expect that the memorabilia and souvenirs would start to see a rise in their value. Who knows? They might cost a fortune in the near future?
So, there you have it, folks! We hope this article gives you a better picture on the changes Australia will experience in case the Queen passes away.
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