Banknotes with King Charles’ image have started appearing in British wallets. These new banknotes will gradually replace those with Queen Elizabeth’s face, which have circulated for decades.
On Wednesday, banknotes featuring King Charles began circulating in Britain, almost two years after he became head of state following Queen Elizabeth II’s passing. The new £5, £10, £20, and £50 notes will feature Charles’ portrait, but existing notes with Queen Elizabeth will still be used until phased out.
“This method follows Royal Household guidelines to reduce the environmental and financial impact of this change,” the Bank of England said. “The public will start seeing the new King Charles III notes very gradually.”
Coins with King Charles’ portrait started circulating in December 2022, a few months after Queen Elizabeth II died. The introduction of these new banknotes and coins marks a historic moment for the country.
Elizabeth was the first monarch to appear on British banknotes, though coins in England have shown kings and queens for over 1,000 years. “We’re pleased to issue the new King Charles banknotes. This is a historic moment as it’s the first time we’ve changed the sovereign on our notes,” said Bank of England Governor Andrew Bailey on Wednesday.
The design of the banknotes remains the same, except for the new monarch. However, cash usage in the UK has sharply declined in recent years. Consumers prefer electronic payments, leading to a significant drop in cash use.
Cash use fell from more than half of shop transactions in 2014 to just 15% by 2021, largely due to the COVID-19 pandemic. Cash was used in about 19% of transactions. Unlike Germany, many UK shops only accept card payments, in 2022.
“We know that cash is important for many people, and we are committed to providing banknotes as long as the public needs them. Introducing these new notes shows that commitment,” Bailey said.
As the country adapts to this change, the gradual introduction of King Charles‘ banknotes symbolizes both a continuation of tradition and a step into the future.
