British central bank says bills with Queen Elizabeth II's image still 'legal tender'

Sept. 8 (UPI) -- The Bank of England on Thursday clarified that paper money bearing the image of Queen Elizabeth II is still legal tender following her death.

The British central bank said that current banknotes featuring the images of Elizabeth will "continue to be legal tender" and that the bank would issue a further announcement about existing Bank of England banknotes "once the period of mourning has been observed."

"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 bank said.

Elizabeth ascended to the throne in 1952 and her image first appeared on the 1 pound bank note in 1960.

Her face was later added to various other forms of currency in Britain with 4.5 billion sterling bank notes featuring her image, worth a combined 80 billion pounds, currently in circulation.

Buckingham Palace announced that Elizabeth "died peacefully" at her Balmoral estate in Scotland on Thursday at the age of 96.

"It was with profound sadness that I learned of the death of Her Majesty The Queen. On behalf of everyone at the Bank I would like to pass on my deepest condolences to the Royal Family," Bank of England Governor Andrew Bailey said.