Originally Posted by
GUWonder
New BoE notes and coins featuring king will eventually be substituting for the currency with QE II on them. After becoming Queen Elizabeth II, it seemed like it took around c. 8-10 years until her face was making it around on BoE currency. It may turn out to cost the equivalent of at least a half billion US dollars for that kind of £ currency substitution this time around.
The Bank of England have not announced any plan to accelerate note removal or for any new issuance. If they allow the notes to run their usual expected life the incremental cost of new note issuance will be zero (per the 8-10 years referred above).