UK banks begin to print King Charles banknotes

LONDON: Today, almost two years after the late Queen Elizabeth died and King Charles took over as head of state, banknotes with his face appeared in circulation in Britain.

The Bank of England’s new five, ten, twenty, and fifty-pound notes will include Charles’ image. Notes that already exist that include Elizabeth will be distributed.

“This approach is in accordance with the Royal Household’s guidance, to minimise the financial and environmental impact of this change,” the BoE stated. “This implies that the public will gradually start to see the new King Charles III notes.”

The first monarch to appear on British banknotes was Elizabeth I, as opposed to the more than a millennium of monarchs depicted on English coins.

A few months after coins bearing Charles went into circulation, the next banknotes’ design was made public in December 2022. 

Everything about the currency design is the same, save for the new monarch.

Since people prefer using debit cards and other electronic payment methods, the amount of cash used in Britain has drastically decreased in recent years.

Over 50% of transactions in stores took place in cash in 2014, according to the British Retail Consortium. However, by 2021, this percentage had dropped to 15% (mostly because of Covid-19 limits), and by 2022, it had increased to 19%.

“Banknotes will be supplied as long as the general public requests them, we promise. Governor of the Bank of England Andrew Bailey stated on Wednesday that the release of these fresh notes is an example of their commitment.

Last year, the British government enacted laws requiring banks to guarantee easy access to cash. – REUTERS