Britain began circulating banknotes bearing the image of King Charles on Wednesday, nearly two years after he ascended the throne following the late Queen Elizabeth II. The image of King Charles will appear on £5, £10, £20, and £50 notes issued by the Bank of England. The banknotes featuring Queen Elizabeth II will continue to be in circulation.
The Bank of England stated, "This approach aligns with the royal family's guidelines to minimize the environmental and financial impact of this change, meaning the public will see King Charles III's notes gradually." Queen Elizabeth was the first to appear on British banknotes, differing from coinage in England that has displayed images of English kings and queens for over a thousand years.
The design of the new banknotes was revealed in 2022, shortly after the introduction of coins featuring King Charles. Aside from the new king, the design of the banknotes has not changed.
Cash usage in Britain has significantly declined over the past few years, as consumers prefer debit cards and other electronic payment methods. According to the British Retail Consortium, cash accounted for over half of store transactions in 2014, but fell to 15% by 2021 due to reasons such as COVID-19 restrictions, before rising to 19% in 2022.
Bank of England Governor Andrew Bailey stated on Wednesday, "We are committed to providing banknotes as long as there is public demand. The introduction of these new notes is evidence of this commitment." The British government passed legislation last year requiring banks to ensure easy access to cash.
