By David Milliken
LONDON, June 5 (Reuters) – Banknotes bearing the image of King Charles entered circulation in Britain on Wednesday, almost two years after he became head of state for the late Queen Elizabeth II.
Charles’s portrait will appear on the new five, ten, twenty and fifty pound notes issued by the Bank of England. Existing banknotes bearing Isabel’s portrait will continue to circulate.
“This approach is in line with the Royal Family’s guidance to minimise the environmental and financial impact of this change,” the Bank of England said. “It means that the public will start to see the new King Charles III banknotes very gradually.”
Elizabeth was the first monarch to appear on British banknotes, unlike England’s coins, which had featured images of kings and queens for more than 1,000 years.
The design of the new banknotes was unveiled in December 2022, shortly after coins bearing Carlos’s image entered circulation. Aside from the new king, the design of the banknotes has not changed.
The use of cash has declined sharply in the UK in recent years, as consumers prefer debit cards and other electronic payments.
According to the British Retail Consortium, cash made up more than half of retail transactions in 2014, but fell to 15% in 2021 – partly due to Covid-19 restrictions – before rising to 19% in 2022.
“We are committed to supplying banknotes for as long as the public demands them. The introduction of these new banknotes is a sign of that commitment,” Bank of England Governor Andrew Bailey said on Wednesday.
The British government passed a law last year requiring banks to guarantee access to cash.
(Reporting by David Milliken; Edited in Spanish by Hector Espinosa)
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