The much-anticipated new banknotes featuring the portrait of King Charles III have entered circulation. However, it may be some time before they become commonly seen in wallets and purses since the new notes will gradually replace those which are damaged or will be issued as demand increases. King Charles III, who is only the second monarch to appear on these notes, follows Queen Elizabeth II, who first featured in 1960. Shoppers can still use current circulating £5, £10, £20 and £50 notes carrying the portrait of the late Queen.
The reverse side of current polymer Bank of England banknotes is unchanged, with those in ascending order featuring Sir Winston Churchill, Jane Austen, JMW Turner and Alan Turing. On the other hand, notes issued in Scotland and Northern Ireland feature other images and not the monarch. Printed last year, the new banknotes had a long lead-in time to allow automated machines accepting cash to be updated to recognize the new designs. The King’s portrait is from a picture taken in 2013.
While the King is appearing on the banknotes, cash may be disappearing from our lives. The Governor of the Bank of England, Andrew Bailey, stated that “this is a historic moment, as it’s the first time we’ve changed the sovereign on our notes. We know that cash is important for many people, and we are committed to providing banknotes for as long as the public demand them.” However, a survey for Link, the UK’s cash access and ATM network, found that nearly 48% of those asked said they expected a cashless society during their lifetime.
Despite the trend, the Bank of England is fully committed to providing physical currency notes as long as they are in demand. Figures from the consumer association Which? found that in the last nine years, 6,000 bank branches have closed, leaving many places without access to cash, leading to the implementation of 50 shared premises called “banking hubs,” which customers of any bank can visit to withdraw and deposit cash. One such hub is found in Looe, Cornwall, a county with strong connections to King Charles, which serves as a lifeline for everyday banking needs
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