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British bank notes

Bank of England to release King Charles banknotes in June

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British banknotes with King Charles’ picture will be available in wallets beginning from June 5, the Bank of England has revealed.

Notes featuring the King’s image will be available in four denominations: £5, £10, £20, and £50 alongside exisiting banknotes bearing the image of the late Queen Elizabeth II.

According to information released by the Bank of England, “New notes will only be issued occasionally, mostly to replace notes that have worn out and to keep up with demand.”

The goal of this staged deployment is to provide a gradual introduction to the public while minimising the cost and environmental impact of replacing the notes.

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The new designs, which were unveiled in December, stick to the current configuration while adding King Charles’ picture to the front and inside the transparent security glass to the rear.

The Bank of England made it clear that “Sustainability will be taken into account when carrying out the replacement process.”

The co-circulation of both designs is anticipated and the transition will not render the current Queen Elizabeth II notes obsolete soon after the new notes are released in June.

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The Bank of England also indicated that a restricted amount of “current or old series notes” might be traded in for them; more information will be released at that time.

August of the previous year saw the introduction of coins depicting King Charles’ visage into circulation; around five million 50p pieces honouring the monarch’s coronation were issued.





Source link: Daily Trust/

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