In London and across the U.K., people have been eagerly awaiting the new U.K. banknotes featuring the portrait of King Charles III. The king’s portrait will appear on all four banknotes issued by the Bank of England – 5, 10, 20, and 50 pounds. This marks a significant change as the new notes will replace those featuring his late mother, Queen Elizabeth II, who passed away in September 2022. The new notes will coexist alongside existing designs without any alterations.
Despite the decreasing use of cash in everyday transactions, the rollout of the new banknotes is significant for lower income households and those who rely on welfare benefits at Post Offices. The U.K. government passed legislation in 2023 to protect access to cash, highlighting the importance of maintaining physical currency for certain segments of the population. The introduction of the new banknotes aims to meet the public demand for cash and reflects the Bank of England’s commitment to ensuring access to banknotes for as long as needed.
Bank of England Governor Andrew Bailey emphasized the historic nature of this moment, noting that this is the first time the sovereign on U.K. banknotes has been changed. The decision to only print the new notes to replace worn ones and meet increased demand is a strategic approach to minimize the environmental and financial impact of the transition. With over 4.6 billion Bank of England notes in circulation, worth approximately 82 billion pounds, the introduction of the new banknotes is a significant event in the country’s financial landscape.
In April, King Charles III was presented with the first banknotes bearing his portrait and praised the design of the new currency. He expressed surprise at being only the second monarch to feature on U.K. banknotes, following in the footsteps of his mother, Queen Elizabeth II, who was the first monarch to be depicted on a 1-pound note in 1960. The availability of the new banknotes at selected Post Office branches across the U.K. provides an opportunity for people to obtain the new currency for their daily needs.
The introduction of the new U.K. banknotes marks a historical moment in the country’s currency design and production. As people queue outside the Bank of England’s headquarters and various Post Offices to acquire the new banknotes, there is a sense of excitement and anticipation surrounding King Charles III’s portrait on the currency. The coexistence of the new notes alongside existing designs reflects a seamless transition in the country’s financial system, ensuring continued access to physical currency for those who rely on it. The rollout of the new banknotes represents a commitment to meeting public demand for cash and maintaining the importance of physical currency in an increasingly digital world.
