The Bank of England has unveiled a new design for banknotes featuring King Charles’ image.
The portrait will be the only change to the existing designs of the £5, £10, £20, and £50 notes, which will go into circulation in mid-2024.
The King’s portrait will appear on the front of the new notes as well as in the see-through security window.
After the new notes begin to circulate, existing notes will continue to be accepted in stores.
Beginning in 1960, Queen Elizabeth was the first and only monarch to appear on circulating Bank of England banknotes. The monarch is not depicted on banknotes issued by Scottish and Northern Irish banks.
Currently, approximately 4.5 billion individual Bank of England notes worth approximately £80 billion are in circulation.
The King’s cypher will also appear on the notes
According to the Bank of England, the new notes would only be printed to replace worn notes or to meet increased demand, in order to minimize the environmental and financial impact of the change.
Andrew Bailey, governor of the Bank of England, said he was “proud” of a “significant moment” with the new design.
Fifty pence coins with the image of King Charles III have already been distributed through post offices across the country.
An estimated 4.9 million of the new coins are being distributed to post offices – roughly half of the total number earmarked for circulation – to be given to customers as change.
Coins bearing the image of the late Queen will continue to be accepted in stores, just like banknotes.
The new King Charles 50p coins have already entered circulation
Anyone taking part in a family Christmas quiz this year should remember that the reverse side of current polymer Bank of England banknotes features, in ascending order, Sir Winston Churchill, Jane Austen, JMW Turner, and Alan Turing.
Cash use has declined significantly in comparison to debit card use, owing primarily to the use of contactless payments, which has been accelerated by the Covid pandemic. Rising prices have also eroded the purchasing power of specific coins and banknotes.
However, the images used on cash continue to pique the interest of consumers and collectors.
Collectors will be especially eager to obtain the lowest serial numbers of the new King Charles banknotes when they become available.
Source: BBC
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