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Business News of Tuesday, 20 December 2022

Source: www.ghanaweb.com

Bank of England unveils new King Charles III banknotes

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New King Charles III notes New King Charles III notes

The Bank of England has unveiled new notes that bear King Charles III's face.

The design for the notes was unveiled by the Bank on December 20, 2022.

According to the Bank, "the King’s portrait will appear on all four of our polymer banknotes (£5, £10, £20, and £50). The rest of the design on the banknotes will remain the same. The King’s image will appear on the front of the banknotes, as well as in the see-through security window. You can check these notes in the same way you can check our polymer banknotes featuring Queen Elizabeth II."

The Bank of England also answered some FAQ's about the banknotes as follows:

When will I see a King Charles III banknote?

We expect the new banknotes to enter circulation by mid-2024.

What will happen to the Queen Elizabeth II banknotes?

You will still be able to use polymer banknotes that feature the portrait of Queen Elizabeth II. Banknotes featuring Queen Elizabeth II and the King will be in circulation at the same time.

The new banknotes will only be printed to replace those that are worn and to meet any overall increase in demand for banknotes. Our approach is in line with guidance from the Royal Household, to minimize the environmental and financial impact of this change.

Background

After the death of Queen Elizabeth II, all cash notes and coins that depict the face of the Queen will be phased out with time and new coins and cash will be created with the face of the King.

The notes with the Queen's face will be gradually phased out even though they will remain legal tender for some time.

Because the UK is not the only user of the currency, countries, such as Canada, Australia, and New Zealand will eventually phase out notes that bear her image.