King Charles’s image will appear on the £5, £10, £20 and £50 notes issued by the Bank of England. Banknotes bearing the image of Queen Elizabeth will continue to be in circulation.
“This approach is in line with the Royal Family’s guidance to minimize the environmental and financial impact of this change, meaning the public will see King Charles III coins very gradually,” the Bank of England said.
Queen Elizabeth was the first to appear on British banknotes, other than banknotes in England that carry images of the kings and queens of England for more than 1,000 years.
The design of the new banknotes was revealed in December 2022, shortly after coins bearing the image of King Charles began circulation. Unlike the new king, the design of the banknotes has not changed.
The use of cash has declined sharply in Britain in the past few years, as consumers prefer debit cards and other electronic payment methods.
According to the British Retail Consortium, cash accounted for more than half of in-store transactions in 2014, but fell to 15 percent by 2021, partly due to Covid-19 restrictions, before rising to 19 percent in 2022.
The Governor of the Bank of England, Andrew Bailey, said on Wednesday, “We are committed to providing banknotes for as long as the public requests them. Putting these new notes into circulation is evidence of this commitment.”
The British government issued legislation last year requiring banks to ensure easy access to cash.
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