London, June 5: In a significant milestone in British currency, banknotes carrying the portrait of King Charles III entered circulation today, June 5, alongside Queen Elizabeth's notes. The Bank of England announced in an official press release that the new banknotes will retain the existing designs for five, 10, 20, and 50-pound denominations, with the sole alteration being the inclusion of the monarch's portrait. The banknotes already in circulation bearing the late Queen Elizabeth's portrait will continue to be a legal tender, and unaffected by the introduction of the new notes.

It is to be noted that King Charles III is the second monarch to be featured on banknotes. His mother, the late Queen Elizabeth II, was the first monarch to be featured on British banknotes, which contrasts with the traditional representation of kings and queens on English coins spanning over 1,000 years. Furthermore, the design for the King Charles III banknotes was unveiled in December 2022, following the introduction of coins featuring the monarch's likeness into circulation. King Charles III Unveils His First Official Portrait Since His Coronation at Buckingham Palace (See Pics and Video).

King Charles III Banknotes Enter Circulation in Britain Today

The Bank of England's decision to introduce the new notes reflects a meticulous approach, guided by the Royal Household's directive to print them only to replace worn-out notes or meet increased demand. As reported in the press release, this strategy aims to mitigate the environmental and financial impacts associated with currency changes. Meaning that the transition to the new currency may occur gradually, with people gradually encountering these notes in their daily transactions. UK: King Charles III Returns to London From Country Retreat for Expected Cancer Treatment.

This is also because cash usage in the UK has seen a significant decline in recent years, primarily due to the growing preference for electronic payments over physical currency. The new-look currency will be available at selected Post Office branches, including one in Poundbury, Dorset, reflecting the King's architectural principles and urban planning initiatives. Over the coming days and weeks, thousands of Post Offices across the UK will receive the new banknotes.

(The above story first appeared on LatestLY on Jun 05, 2024 03:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website