Aristocratic status or high social rank - Circulation of banknotes featuring King Charles' image begins.
For the past 21 months, King Charles III has ruled, and for the first time, his image is now appearing on British currency. These new pound notes - in denominations of 5, 10, 20, and 50 pounds, equivalent to 58.74 euros - have recently been distributed, while the rest of the design remains unchanged.
Bank of England Governor Andrew Bailey dubbed this a historic moment, explaining that banknotes with the portrait of the late Queen Elizabeth II, who passed away on September 8, 2022, will still be compatible. Since 1960, Britain's central bank has imprinted the head of state on its currency. Only the second monarch in the country to receive this honor, Charles joins the ranks.
Coins bearing Charles' profile have been in circulation since December 2022, but it may still take time before most Brits can get their hands on one of these new banknotes. The royal family has decided to only print these banknotes to replace worn-out ones or to accommodate any potential surge in demand. Their goal is to minimize environmental and financial effects as much as possible.
Billions of banknotes in circulation
While cash is becoming less significant in the UK and Germany, it still holds value to many. Bailey recently highlighted a rise in cash transactions at Post Offices, with a record £3.48 billion ($4.42 billion) exchanging hands in April. Out of the Bank of England's total collection, 4.6 billion banknotes are in circulation valued at around £82 billion ($105.7 billion). Despite the increasing preference for cashless payments, cash still matters to many.
However, these figures are constantly growing in importance, with pandemic trends encouraging digital and contactless transactions. In fact, in certain parts of London, cash payments are no longer accepted.
