The 7 feet (2.1 metre) picture by Norfolk artist Terry Woodvine uses a mix of real and counterfeit notes with a face value of about 10,000 pounds.
"I'm extremely pleased with the result. It was a real labour of love and an ongoing process of experimentation," the BBC quoted Woodvine as saying.
The painting is on show at Norwich's Open centre until the end of June.
Woodvine said: "[The portrait] is from a series I created 10 years ago when the country was much more prosperous in terms of money, so it seemed the most natural material to use.
"I was trying to use the notes in their purest form. The flag was perfect as I had all the colours already, but in certain places I had to add shade and light to the face with paint."
The portrait was originally created for the Golden Jubilee and has come to Norwich after being displayed at the Royal Academy of the Arts, London. It took Woodvine four months to create.
He said: "I'd hope the Queen would approve - it's 10 years old now, so clearly she looks slightly younger. The emphasis for me was to paint her as accurately as possible."
