Banknotes featuring the image of King Charles III unveiled
The Bank of England has introduced the new appearance of banknotes bearing the picture of King Charles III.
The portrait will be the only alteration to the present designs of the £5, £10, £20, and £50 notes, and it will begin to circulate by the middle of 2024.
New banknotes will include a portrait of the King on the front and in the security window.
The existing currency will continue to be accepted in stores following the introduction of the new currency.
Beginning in 1960, Queen Elizabeth was the first and only monarch to appear on Bank of England banknotes in circulation. Scottish and Northern Irish banknotes do not include the king.
Presently, approximately 4.5 billion unique Bank of England notes are worth approximately £80 billion in circulation.
In order to minimize the environmental and financial impact of the transition, the Bank of England announced that, in accordance with advice from the Royal household, new banknotes would only be issued to replace worn ones or to meet rising demand.
Andrew Bailey, governor of the Bank of England, stated that he was “proud” of an “important moment” with the new design.
The nationwide circulation of fifty pence coins carrying the picture of King Charles III has begun via post offices.
Approximately half of the new coins designated for circulation are being supplied to post offices to be used as change for clients.
As with banknotes, coins bearing the picture of the late Queen will continue to be accepted in stores.
Those participating in a family Christmas quiz this year should remember that, in ascending sequence, Sir Winston Churchill, Jane Austen, JMW Turner, and Alan Turing are shown on the reverse side of modern polymer Bank of England banknotes.
The use of cash has decreased significantly compared to debit cards, primarily due to contactless payments and then accelerated by the Covid epidemic. In addition, the purchasing power of individual coins and banknotes has been diminished by growing prices.