Newsdeck

Newsdeck

King Charles banknotes enter circulation in UK

King Charles banknotes enter circulation in UK
Production of the new King Charles III £10 note. Image: © Bank of England / Flickr

LONDON, June 5 (Reuters) - Banknotes featuring a portrait of King Charles entered circulation in Britain on Wednesday, nearly two years after he succeeded the late Queen Elizabeth as head of state.

By David Milliken

Charles’ image will appear on the new notes for five, 10, 20 50 pounds issued by the Bank of England. Existing notes featuring Elizabeth will continue to circulate.

“This approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change,” the BoE said. “This means the public will begin to see the new King Charles III notes very gradually.”

Elizabeth was the first monarch to feature on British banknotes, in contrast to coins in England which have carried images of kings and queens for more than 1,000 years.

The design of the new banknotes was revealed in December 2022, shortly after coins featuring Charles entered circulation. Other than the new monarch, the design of the banknotes is unchanged.

Cash usage has fallen sharply in Britain in recent years as consumers favour debit cards and other electronic payments.

According to the British Retail Consortium, cash accounted for more than half of transactions in shops in 2014, but had fallen to 15% by 2021 – partly due to COVID-19 restrictions – before rising to 19% in 2022.

“We are committed to providing banknotes for as long as the public demand them. Bringing these new notes into circulation is a demonstration of that commitment,” BoE Governor Andrew Bailey said on Wednesday.

Britain’s government passed legislation last year to require banks to ensure ready access to cash.

(Reporting by David MillikenEditing by William Schomberg)

Gallery

Comments - Please in order to comment.

Please peer review 3 community comments before your comment can be posted

A South African Hero: You

There’s a 99.7% chance that this isn’t for you. Only 0.3% of our readers have responded to this call for action.

Those 0.3% of our readers are our hidden heroes, who are fuelling our work and impacting the lives of every South African in doing so. They’re the people who contribute to keep Daily Maverick free for all, including you.

The equation is quite simple: the more members we have, the more reporting and investigations we can do, and the greater the impact on the country.

Be part of that 0.3%. Be a Maverick. Be a Maverick Insider.

Support Daily Maverick→
Payment options

MavericKids vol 3

How can a child learn to read if they don't have a book?

81% of South African children aged 10 can't read for meaning. You can help by pre-ordering a copy of MavericKids.

For every copy sold we will donate a copy to Gift of The Givers for children in need of reading support.