However, this is a process that could take “several years”, with public consultation before the final designs are decided.
The final decision would be made by the Treasury Minister, who may also consult with “colleagues in other Crown Dependencies to adopt a collaborative approach to any issuance.”
The last time the island updated its notes was 2010 – at which point it had been 20 years since the island had last updated its money.
Pictured: The final decision on any redesigns of Jersey money rests with the Treasury Minister.
The new designs featured different aspects of Jersey’s history, architecture and culture, including the crests of the island’s 12 parishes and wording in French and Jèrriais.
Several new security features – including a dashed silver security thread and a hologram on higher denomination notes containing a central image that changes according to viewing angle – were also added.
Jersey is unlikely to make any changes to its currency before the UK.
The issue, recall and replacement of the latest synthetic £50 banknotes by the Bank of England took around 16 months.
It confirmed in a statement on 8 September following the Queen’s death: “Current banknotes featuring the image of Her Majesty The Queen will continue to be legal tender.”
Pictured: The latest issue of English banknotes featuring Her Majesty Queen Elizabeth II.
“A further announcement regarding existing Bank of England banknotes will be made once the period of mourning has been observed,” the statement added.