Banknotes featuring King Charles III have been officially introduced into circulation in the United Kingdom by the Bank of England. This marks the first time that the bank has changed the monarch featured on its notes, with King Charles III being only the second monarch after Queen Elizabeth II to appear on banknotes issued by the BoE.
The new banknotes featuring King Charles III were first announced in 2022, with his portrait appearing on notes of £5, £10, £20, and £50. Despite the change in monarch, the rest of the design of the notes will remain the same as the current notes that feature the late Queen Elizabeth II on their fronts. The Bank of England expects the new notes to enter circulation gradually, with fans of King Charles III being able to exchange old banknotes for the new ones for a limited time.
In addition to the introduction of the new banknotes, the Bank of England has also announced that there will be a series of charity auctions for low-serial-numbered notes over the summer at auction house Spink & Son. This presents a unique opportunity for collectors and fans of King Charles III to acquire special edition banknotes while also supporting charitable causes.
While the introduction of banknotes featuring King Charles III is a significant event, it comes at a time when cash usage in the UK is on the decline. According to the British Retail Consortium, cash usage saw an increase for the first time in a decade in 2023, accounting for about 19% of total transactions. Despite this uptick, cards continue to dominate as the preferred payment method, making up 85% of money spent.
Overall, the introduction of banknotes featuring King Charles III represents a historic moment for the Bank of England and the UK. With the gradual introduction of the new notes and the opportunity for fans to exchange old banknotes for the new ones, there is sure to be a buzz surrounding the release of the new currency. Additionally, the charity auctions for low-serial-numbered notes offer a unique chance for collectors to own a piece of history while supporting worthy causes.
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