New banknotes with King Charles III’s portrait are now in circulation, but it may take some time before they become common in wallets and purses. The Bank of England will gradually replace damaged notes or issue new ones as demand increases, it was announced by the officials on Wednesday.
King Charles III is only the second monarch to appear on these notes, with Queen Elizabeth II being the first in 1960. Also, shoppers in the UK can still use current £5, £10, £20, and £50 notes with the late Queen’s portrait and those will be accepted everywhere.
The reverse side of current polymer Bank of England notes remains the same, featuring Sir Winston Churchill, Jane Austen, JMW Turner, and Alan Turing. Notes in Scotland and Northern Ireland have different images, not of the monarch. The first new banknotes were printed last year, with a long lead-in time to update cash-accepting machines.
The King’s portrait is based on a 2013 picture. Bank of England governor Andrew Bailey stated that while cash is important, the public’s reliance on it is decreasing. A survey found that nearly half of respondents expected a cashless society in their lifetime, but many still rely on cash for everyday transactions.
Despite this, many bank branches have closed, limiting access to cash. Banking hubs, like one in Looe, Cornwall, provide a lifeline for communities without banks. These hubs offer various banking services and are crucial for local businesses.
The future of notes and coins is uncertain, with new coins, stamps, passports, and official portraits featuring King Charles III being introduced gradually. Postboxes, however, are only changed when damaged or undergoing extensive repairs, so examples from Queen Victoria’s reign may still be in use. This suggests that public symbols like postboxes may change more slowly than other forms of currency.
