Bank of England has unveiled new banknotes featuring King Charles image.
In mid-2024, the portrait will be the only change to existing designs of the £5, £10, £20, and £50 notes.
The front and security window of the new notes will feature the King’s portrait.
Until the new notes circulate, existing notes will still be accepted in shops.
In 1960, Queen Elizabeth became the first and only monarch to appear consistently on Bank of England banknotes. Scottish and Northern Irish banknotes do not depict her.
At present, there are about 4.5 billion Bank of England notes worth about £80 billion in circulation.
According to the Bank of England, the new notes would only be printed to replace worn notes or to meet increased demand to minimize the change’s environmental and financial impacts.
Andrew Bailey, Governor of the Bank of England, said he was “proud” of the new design.
There are already fifty pence coins bearing the image of King Charles III in circulation at post offices across the country.
About half of the total number of coins earmarked for circulation are being distributed to post offices for customer exchange.
As with banknotes, coins bearing the image of the late Queen will still be accepted in shops.
Anyone participating in a family Christmas quiz this year should remember that the reverse side of current polymer Bank of England banknotes features Sir Winston Churchill, Jane Austen, JMW Turner, and Alan Turing in ascending order.
Contactless payments have made cash use much less frequent, and the Covid pandemic has accelerated the trend. Rising prices have also weakened the value of specific coins and banknotes.
Consumers and collectors are still keenly interested in cash images.
The lowest serial numbers of the new King Charles banknotes will be of particular interest to collectors.
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