British banknotes bearing the image of King Charles III entered circulation for the first time on Wednesday, nearly two years after he succeeded his mother, Queen Elizabeth.
The portrait of the king will appear on all four banknotes issued by the Bank of England – 5, 10, 20 and 50 pounds – with no other alterations to the existing designs. The notes will coexist alongside those bearing the image of Elizabeth, who died in September 2022.
In line with guidance from the Royal Household, the new notes will only be printed to replace those that are worn, and to meet any overall increase in demand – the approach aims to minimise the environmental and financial impact of the change.
Coins bearing Charles’s head entered circulation in December 2022.
The updates come as Britons increasingly use physical and online bank cards, rather than cash, to make payments.
“This is a historic moment, as it’s the first time we’ve changed the sovereign on our notes,” said Bank of England Governor Andrew Bailey.
“We know that cash is important for many people, and we are committed to providing banknotes for as long as the public demand them. Bringing these new notes into circulation is a demonstration of that commitment.”
In April, Charles was presented with the first banknotes bearing his portrait and praised them as “very well designed” while expressing his surprise at being only the second monarch to feature on them.
Although the Bank of England started to produce banknotes in the 17th century, Charles’s mother, Queen Elizabeth, was the first British monarch to be given the honour in 1960 on a 1-pound note.
People will be able to snap up the new-look currency at selected Post Office branches across the UK.
“Our local customers come into our branch every day to withdraw or deposit cash for their daily needs, so we were excited to be one of the first branches to have the new banknotes available,” said Karen Stonham, branch manager at the Portsmouth Post Office in southern England.
The new cash – made from polymer that has already been used to replace paper money in the UK since 2016 – will gradually replace the older notes.
There are more than 4.6 billion Bank of England notes in circulation, worth about 82 billion pounds (US$105 billion).