5/6/2024–|Last updated: 6/5/202402:58 PM (Mecca time)
Britain began circulating banknotes bearing the image of King Charles on Wednesday, nearly two years after he assumed the throne to succeed the late Queen Elizabeth II..
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.
The Bank of England said: “This approach is in line with the Royal Family’s guidance to minimize the environmental and financial impact of this change, and means that the general public will see King Charles III coins very gradually.”
Queen Elizabeth was the first to appear on British banknotes, other than banknotes in England that have carried pictures of the kings and queens of England for more than a thousand years.
The design of the new banknotes was revealed last December 2022, shortly after the coins bearing the image of King Charles began circulating. 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% by 2021, including due to Covid-19 restrictions, before rising to 19% in 2022.
The Governor of the Bank of England, Andrew Bailey, said on Wednesday: “We are committed to providing banknotes 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.
