King Charles III Debuts on Banknotes in Historic First for the UK
Banknotes featuring a portrait of King Charles III entered circulation on Wednesday for the first time, the Bank of England announced in a statement. This marks a significant moment in British history as it is the first time the sovereign has changed the country’s banknotes.
King Charles III will be pictured on the front of the £5, £10, £20, and £50 banknotes, with his image also appearing in the notes’ see-through security window. Despite this update, the overall design of the notes will remain unchanged. Alongside the monarch, UK banknotes feature notable historical figures such as Winston Churchill, Jane Austen, JMW Turner, and Alan Turing, according to BBC.
The new banknotes featuring Charles were first revealed in December 2022, following the passing of Queen Elizabeth II in September of the same year. However, notes featuring Queen Elizabeth II will remain legal tender and will continue to circulate alongside those depicting King Charles III. The tradition of featuring the reigning monarch on banknotes began in 1960, making Elizabeth II and Charles III the only monarchs to be depicted.
“The new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes,” the Bank of England stated. “This means the public will begin to see the new King Charles III notes very gradually.”
“This is a historic moment, as it’s the first time we’ve changed the sovereign on our notes,” Bank of England Governor Andrew Bailey said.
For those interested in acquiring the new banknotes, the Bank of England noted that people would be able to exchange their current notes for the new ones featuring Charles. Additionally, a series of auctions for low-serial numbered notes will be held in the coming months, with proceeds going to charity.
Coins featuring a portrait of King Charles III have already been introduced into circulation. These coins show the king facing the left, continuing the tradition of alternating the direction of the profile for each successive monarch.
This transition reflects a blend of continuity and change, honoring the legacy of Queen Elizabeth II while ushering in the era of King Charles III. The gradual introduction of the new banknotes ensures a smooth transition for the public and maintains the longstanding traditions of the British currency system.