King Charles graces updated currency notes.
King Charles III's portrait has been featured on coins since December 2022, and now, for the first time, banknotes with his image are being circulated. The new banknotes in denominations of 5, 10, 20, and 50 pounds have been in use since Wednesday, but it may take some time before the British public considers them their own.
The issuance of these banknotes comes nearly 21 months after the accession of King Charles III, and while the design of the notes remains mostly unchanged, they will eventually replace old notes or those in need of replacement. Bank of England Governor Andrew Bailey called this a momentous occasion. The bank has been featuring the head of state on its notes since 1960, making Charles the second British monarch to receive this honor. Coins with Charles' image have been in circulation for longer, since December 2022.
Although the royal family has specified that the new notes are only printed to replace worn-out notes or to meet any potential increase in demand, it may still take some time before most people in the UK hold one. The goal is to minimize the environmental and financial impact of the change. The Bank of England has printed around 4.6 billion notes worth approximately 82 billion pounds, which are now in circulation.
Even with the growing popularity of cashless transactions, especially during the pandemic, many people still consider cash an essential element, as highlighted by Bank of England Governor Bailey. In fact, data from the Post Office indicates a significant increase in cash transactions in its branches in April, with cash deposits and withdrawals totaling 3.48 billion pounds. This information showcases that despite the increasing use of digital payments, cash remains highly relevant in the UK.
The new banknotes featuring King Charles III, while being circulated since Wednesday, might still take some time to become part of everyday life for the public. However, its introduction is a historical event, marking the second time a British monarch's portrait appears on the nation's banknotes.
