Debut of King Charles III Banknotes in Circulation

Photo : PA

The Bank of England announced the introduction of new banknotes featuring a portrait of King Charles III, marking a historic moment in British currency. These banknotes, unveiled on Wednesday, depict the monarch on the £5, £10, £20, and £50 denominations, with his image visible through the transparent security window incorporated into the design.

While King Charles III takes center stage on the obverse side of the banknotes, the overall design remains unchanged. Notable historical figures like Winston Churchill, Jane Austen, JMW Turner, and Alan Turing continue to feature on other denominations alongside monarchs.

The decision to introduce banknotes featuring King Charles III came following the passing of Queen Elizabeth II in September 2022. However, notes featuring Queen Elizabeth II will continue to be legal tender alongside those depicting King Charles III. This transition marks a significant shift in British currency, as the tradition of featuring monarchs on banknotes dates back only to 1960.

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Bank of England Governor Andrew Bailey described the introduction of the new banknotes as a historic moment, emphasizing the significance of changing the sovereign depicted on currency. The gradual introduction of King Charles III banknotes will occur primarily through the replacement of worn-out notes and to meet increased demand.

Individuals possessing banknotes featuring Queen Elizabeth II will have the opportunity to exchange them for the new notes featuring King Charles III. Additionally, a series of auctions featuring low-serial numbered notes will be conducted in the upcoming months, with proceeds allocated to charitable causes.

While banknotes bearing King Charles III's likeness enter circulation, coins featuring the British monarch have already been introduced. These coins adhere to the tradition of depicting the monarch facing left, aligning with established protocols governing the portrayal of successive monarchs' profiles.

The introduction of banknotes featuring King Charles III represents a pivotal moment in British currency history, reflecting the nation's evolving monarchy and enduring traditions.