King Charles on the £20 note.
(dpa)/nel. The British central bank issued banknotes with the image of the new King Charles III for the first time. presented. The £5, £10, £20 and £50 notes are expected to come into circulation in mid-2024, the Bank of England said on Tuesday. However, older notes bearing the portrait of Queen Elizabeth II, who died in September, will remain valid in order to minimize costs and environmental impact at the request of the palace, the statement said.
4.7 billion banknotes in circulation
A new issue of cash is a logistical tour de force. So are currently around 4.7 billion BoE banknotes in circulation. All notes together have a value of around 82 billion pounds or the equivalent of 91 billion francs. For comparison: In Switzerland, 2021 was clear with an average of 532 million fewer banknotes in circulation; their value added up in this country, where notes are primarily used to store value, but to a similarly high 88 billion francs.
Federal Reserve Chairman Andrew Bailey described the presentation of the new notes as a “significant moment” as Charles was only the second monarch to be depicted on British banknotes. Previously this was only done for coins. A banknote bearing the portrait of the young queen was first issued in 1960, eight years after Queen Elizabeth II’s accession to the throne. The portrait met with little enthusiasm; it was considered overly strict and unrealistic.
On the coins, King Charles is looking to the left
Almost two weeks ago, the first coins with the likeness of King Charles came into circulation, initially the 50 pence piece. In total there will be around 9.6 million of the 50p coins featuring the portrait. The release date fell on the same day that streaming giant Netflix aired the much-anticipated docuseries about Charles’ younger son, Prince Harry, and his wife, Duchess Meghan.
The British can enjoy this new coin featuring King Charles III. looking forward.
The coin was created by sculptor Martin Jennings and personally sanctioned by Charles. According to tradition, the king’s face faces to the left, whereas his mother’s face turned to the right. The reverse design commemorates the Queen’s coronation at Westminster Abbey in 1953. Shown are the quarters of the royal coat of arms, separated by shields representing the four parts of the country: a rose for England, a thistle for Scotland, and a shamrock for Northern Ireland and a leek for Wales.
More coins with the Charles profile are to follow. Coins with the Queen’s likeness remain valid. There are currently an estimated 27 billion coins depicting the Queen in circulation. They will gradually be replaced.
In contrast to the coins and stamps, the 74-year-old Charles is not shown in profile on the banknotes, but from the front, only with his face turned slightly to the side. According to the information provided, no changes have been made to the rest of the design of the notes.