UK banknotes featuring the portrait of King Charles III will enter circulation on Wednesday, though they’re likely to be rare for some time in everyday cash transactions.
The Bank of England said that new notes will only be printed to replace those depicting Queen Elizabeth II that are worn or to meet any rise in demand at a time when cash usage is in decline.
The slow introduction by the UK central bank is to reduce their financial and environment impact after guidance from the Royal Household, with King Charles III, 75, well known as a champion for climate causes.
King Charles was presented with the first bank notes featuring his portrait by the Bank of England Governor Andrew Bailey, centre, and Bank of England’s Chief Cashier Sarah John, in April.Credit: AP
It means that Queen Elizabeth II notes will co-circulate with the new notes and will remain the bulk of those being used in everyday cash transactions for some time.
The BOE said that notes depicting Charles will be issued “very gradually.” Threadneedle Street is not revealing how many notes it will issue in its initial print run.
The current batch of polymer banknotes started to enter circulation in 2016 and are made to give them a long lifespan. The BOE expects the £5 and £10 polymer notes to last at least five years, while the average lifespan of £20 notes could be in excess of 20 years due to how the public uses them.
Given their gradual introduction into circulation, the BOE is offering members of the public a temporary service where they will be able to exchange their old notes.
A £10 bank note bearing a portrait of King Charles III, which enters circulation on June 5.Credit: AP
Britons can send up to £300 in the post and receive new Charles banknotes, a service that will be offered only until June 30. Alternatively, they can exchange up to £300 of notes at the BOE counter on Threadneedle Street in London until June 11. However, the central bank warned that long waiting times are possible.
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