By Akinsuroju Olubunmi
New Era: Charles III Banknotes enter circulation
Banknotes featuring King Charles III’s portrait have been introduced into circulation for the first time, nearly two years after his succession to the throne following the passing of Queen Elizabeth II.
The four banknotes, each showcasing the king’s portrait on the front, come in denominations of £5 ($6.4), £10, £20, and £50, and will be used alongside those bearing the image of Elizabeth, who passed away in September 2022.
Coins displaying Charles’s likeness began circulating in December 2022.
Amid an increasing preference for physical and online bank cards over cash for transactions, Bank of England governor Andrew Bailey described this development as “a historic moment,” acknowledging the enduring importance of cash to many people.
The new banknotes, crafted from polymer, a material that has been replacing paper money in the UK since 2016, will gradually phase out the older notes.
banknotes, circulation
New Era: Charles III Banknotes enter circulation