News Desk
ISLAMABAD/LONDON: The Bank of England has unveiled a new look of banknotes featuring the image of King Charles.
The portrait of the king will apply to existing designs of £5, £10, £20 and £50 notes. The new banknotes will start to enter the market circulation from mid-2024.
Banknotes will feature the king’s portrait
New banknotes will feature King Charles’ portrait on the front and in the transparent security window.
Existing banknotes will still be accepted in shops after the new notes circulate.
The late Queen Elizabeth was the first and only monarch to appear on Bank of England banknotes, starting in 1960. Notesof Scottish and Northern Irish banks do not show the monarch.
At present, about 4.5 billion individual Bank of England notes worth about £80 billion are in circulation in the market.
The Bank of England said that after guidance from the Royal household, the new banknotes would only be printed to replace worn and old notes or to meet increased demand to minimize the change’s environmental and financial impact.
On the other hand, Bank of England Governor Andrew Bailey said that he was “proud” of the “significant moment” with the new notes/’ design.
Fifty pence coins bearing the image of the king have already entered circulation via post offices across the country.
An estimated 4.9 million of the new coins were being distributed to post offices – about half of the total number earmarked for circulation – to be given in change to customers.
The new King Charles 50p coins have already entered circulation
Coins carrying the image of the late Queen will still be accepted in shops, in the same way as banknotes.
Keywords: Banknotes, Bank of England, notes
