The process of replacing Jersey notes and coins in circulation will be a gradual one and is likely to take several years.
however, we will in due course consider potential changes to our coins and notes in circulation to reflect the change in monarch, such changes will be in accordance with guidelines produced by HM Treasury and local legislation.
The power to issue currency notes and coins in Jersey rests with the Minister for Treasury and Resources (Currency Notes and Currency Fund (Jersey) Law 1959 (jerseylaw.je, Decimal Currency (Jersey) Law 1971 (jerseylaw.je))
1) Were there any pre-existing plans to introduce new currency in the event of the death of the monarch? – there was no pre-planning in relation to the introduction of new currency on the death of a monarch, notes and coins do not cease to be legal tender in such an event.
2) If not, does the Jersey Treasury have any plans to consider this question in the near future? Or will it just wait until the it decides to introduce new currency as part of the normal course of currency management? - The most recent series of Jersey notes was put into circulation in early 2010. The death of the monarch may lead to consideration of a new issue of Jersey notes and coins. The Minister may choose to consult with colleagues in other Crown Dependencies (Guernsey and the Isle of Man) to adopt a collaborative approach to any issuance.
3) If there are pre-existing contingency plans for the death of the monarch, do they call for replacing Elizabeth II’s image with that of the new monarch? – Our existing arrangements do not specifically cover the replacing of a monarch’s image on their death. Current legislation provides for the Minister for Treasury and Resources to determine the form and design of notes and coins in circulation.
4) If there were a redesign of the currency, would you work on this an external partner (eg a printing company or a government committee)? – A redesign of notes and coins for circulation is likely to include a period of public consultation before the final designs are concluded. Contracts for production of such notes and coins would be tendered in accordance with the Government of Jersey’s usual procurement requirements.
5) Who would make the ultimate decision to change the design of, and images carried by, the banknotes? - Current legislation provides for the Minister for Treasury and Resources to determine the form and design of notes and coins in circulation.