Banknotes bearing the image of King Charles III entered circulation for the first time on Wednesday, nearly two years after he succeeded his mother, Queen Elizabeth II. The four new banknotes—denominated in £5, £10, £20, and £50—will circulate alongside those featuring the late queen, who passed away in September 2022.
The Bank of England introduced the notes as part of a gradual transition, following the December 2022 introduction of coins with Charles’s head. Despite the rise in digital and card-based transactions, Bank of England governor Andrew Bailey emphasized the enduring importance of cash, calling this development “a historic moment.” He remarked, “We know that cash is important for many people, and we are committed to providing banknotes for as long as the public demand them.”
The new banknotes feature an engraved portrait of King Charles III based on a photograph from 2013, which he approved in late 2022. These polymer notes, which have replaced paper money in the UK since 2016, are expected to gradually phase out the older notes featuring Queen Elizabeth II.
This move marks a significant update in the UK’s currency and reflects a new era under King Charles III’s reign.
