The Bank of England reported that banknotes featuring the image of Charles III will be introduced in the UK from June 5, 2024. Once the new bills are injected into circulation, Britons will be able to make payments with them alongside already available payment means.
According to the regulator's information, the portrait of the new king will be depicted on banknotes of all four denominations (£5, £10, £20, and £50). In essence, the design of the British pound is left unchanged. The banknotes with the portrait of Elizabeth II will continue to be in circulation, remaining legal tender.
Besides, new bills are intended to replace worn-out money. The British central bank explained these innovations as an effort to take into account the recommendations of the Royal Court. Moreover, the Bank of England aims to minimize environmental and financial consequences in this way.
Earlier, in 2022, it was announced that the portrait of Queen Elizabeth II on British pounds would be replaced with an image of the left profile of her son. Two years ago, 4.7 billion banknotes were recorded in circulation amounting to 82 billion pounds sterling, as well as 29 billion coins. According to experts, the process of phasing out the old-design notes from circulation is expected to take quite a long time.
