Britain introduces King Charles banknotes, maintaining Queen Elizabeth notes in circulation
Date
9/28/2024 8:31:37 AM
(MENAFN) On Wednesday, Britain began circulating banknotes featuring the image of King Charles, nearly two years after he ascended to the throne following the passing of Queen Elizabeth II. The new notes, issued by the bank of England, include £5, £10, £20, and £50 denominations.
Despite the introduction of the new King Charles banknotes, those bearing the image of Queen Elizabeth will remain in circulation, as reported by a UK-based news agency. The Bank of England stated that this decision aligns with the Royal Family's guidance to minimize the environmental and financial impacts of the transition. Consequently, the public will see King Charles III coins introduced gradually.
Queen Elizabeth was the first monarch to appear on British banknotes, which have featured images of England's kings and queens for over a millennium. The design for the new banknotes was unveiled in December 2022, shortly after coins bearing King Charles's image began to circulate. Notably, while the monarch's image has changed, the overall design of the banknotes remains the same.
In recent years, the use of cash in Britain has declined sharply, with consumers favoring debit cards and other electronic payment methods. According to the British Retail Consortium, cash transactions accounted for over half of in-store purchases in 2014 but dropped to 15 percent by 2021. This decline was partly due to COVID-19 restrictions, with a slight rebound to 19 percent in 2022.
Andrew Bailey, the Governor of the Bank of England, reaffirmed the bank's commitment to providing banknotes as long as the public demands them. He stated that putting these new notes into circulation is evidence of this commitment. Last year, the British government enacted legislation requiring banks to ensure easy access to cash for the public.
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