Banknotes featuring King Charles’ portrait entered circulation in Great Britain, almost two years after he succeeded the late Queen Elizabeth as head of state – © Bank of England
Banknotes featuring King Charles’ portrait entered circulation in Great Britain, almost two years after he succeeded as head of state to the late Queen Elizabeth. Charles’ image appears on the new five, 10, 20 and 50 pound notes issued by the Bank of England. Existing banknotes featuring Elizabeth will continue to circulate.
© Bank of England
“This approach is in line with Royal Household guidance to minimize the environmental and financial impact of this change,” the Bank of England, BoE, said. “This means that the public will start to see the new King Charles III banknotes very gradually.”
Elizabeth was the first monarch to appear on British banknotes, unlike English coins which have carried images of kings and queens for more than 1,000 years.
The design of the new banknotes was revealed in December 2022, shortly after the coins featuring Charles entered circulation. Apart from the new monarch, the design of the banknotes has remained unchanged.
© Bank of England
The use of cash has fallen sharply in Britain in recent years as consumers prefer debit cards and other electronic payments.
According to the British Retail Consortium, In 2014, cash accounted for more than half of in-store transactions, but has fallen to 15% in 2021. – partly due to Covid-19 restrictions – before rising to 19% in 2022.
© Bank of England
“We are committed to providing banknotes as long as people demand them. Putting these new banknotes into circulation is a demonstration of that commitment,” said BoE Governor Andrew Bailey.
Last year the British government passed legislation requiring banks to provide immediate access to cash.
King Charles’ image appears on the new 5, 10, 20 and 50 pound notes issued by the Bank of England – © Bank of England
