- The Bank of England has revealed the design of the new English banknotes, which will be adorned with the portrait of King Charles III. The current banknotes featuring the image of Queen Elizabeth II will remain legal tender.
- King Charles’ portrait will appear on the front of the bill and in the see-through security window.
- Andrew Bailey, Governor of the Bank of England, said that King Charles III is the second monarch to feature on the money.
- The Bank of England offers guidance on their website on the introduction of the new tender, saying that the new banknotes will only be printed to replace those that are worn.
The design of the new English banknotes, which will include an image of King Charles III, has been made public for the first time by the Bank of England. In 2024, it’s anticipated that the new bills will start to circulate. The present banknotes bearing the image of Charles’ late mother, Queen Elizabeth II, will continue to be legal tender, according to a statement from the Bank of England on Tuesday.
The new notes will only be created to replace worn banknotes and to meet any general rise in demand, as a result, notes bearing the portraits of King Charles III and HM Queen Elizabeth II will be in circulation simultaneously.
The Royal Family was involved in the decision-making process because they want to reduce any unfavourable effects the move may have on the environment or the economy. Aside from the change in the monarch, the Bank of England stated that the new notes’ designs will not change; they will continue to feature JMW Turner on the £20 banknote, Winston Churchill will still remain on the £5 note, Jane Austen on the £10 note, and Alan Turing on the £50 note.
Both the pound notes front and the security window’s see-through pane will include a holographic image of King Charles. Although British royals have been featured on the country’s coins for centuries, Queen Elizabeth was the first to appear on Bank of England banknote in 1960. There are no royal portraits on Scottish or Northern Irish banknotes.
The Governor of the Bank of England Andrew Bailey remarked on the new country’s currency design. and said he was proud that the Bank has unveiled the look of our new banknotes, which will include a picture of King Charles III. In a news statement, he noted that The King is only the second monarch to appear on our banknotes, making this an important occasion. There are currently roughly 4.5 billion Bank of England notes with the image of the queen in circulation. The BBC calculates that this is worth approximately £80 billion or $132 billion. With the advent of the new 50 pence coin on December 8, coins bearing the image of the King are already in use in England. The queen-themed coins will continue to be issued, just like the banknotes.
Following the passing of Queen Elizabeth II, who ruled the Commonwealth for 70 years, Charles ascended to the throne in September.
What will happen to the old Queen Elizabeth II banknotes?
The following advice on how to introduce the new tender is provided by the Bank of England on their website. The polymer banknotes bearing the image of Queen Elizabeth II will still be usable. Both Queen Elizabeth II and the King will appear on banknotes that are simultaneously in circulation. New banknotes will only be issued to replace worn-out ones and to accommodate any eventual rise in demand. In order to reduce the negative financial and environmental effects of this transformation, our strategy is in line with recommendations from the Royal Household.
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