Britain Excels - "Significant event": bank notes featuring King Charles' image now in circulation
The last 21 months have seen the ascension of King Charles III to the British throne, and now marks the first appearance of his likeness on pound notes. The new 5, 10, 20, and 50 pound notes (equivalent to 58.74 euros) are in circulation as of currently, with the design otherwise remaining unaltered.
Andrew Bailey, the Governor of the Bank of England, describes this development as momentous. The notes sporting Queen Elizabeth II's portrait, who passed away on September 8, 2022, will still be valid. Since 1960, the Bank of England has followed the tradition of placing the head of state on its banknotes. Consequently, Charles is only the second British monarch to be immortalized in this fashion.
King Charles' focus on sustainability
Coins bearing the image of Charles have been in use since December 2022. It may take time before the majority of UK citizens possess one of the revised banknotes. The royal family has ordered that printing of these notes will only occur as worn-out ones are replaced or to accommodate increased demand. The goal is to diminish the potential environmental and financial burden of the change.
While cash transactions are losing significance in both the UK and Germany as a means of payment, the pandemic has played a significant role in promoting cashless payment options. Certain areas in London have even stopped accepting cash altogether.
Nonetheless, many individuals consider cash a vital aspect of their financial life, as Governor Bailey notes. Data from Post Office indicates a substantial boost in cash transactions in its branches since April. Cash deposits and withdrawals totaled 3.48 billion pounds, setting a new record. In circulation currently are 4.6 billion pounds worth of Bank of England banknotes, equalling around 82 billion euros.
