King Charles banknotes enter circulation as Bank of England declares 'cash is important'
This is the first time the sovereign has been changed on the Bank of England's banknotes
PA
Banknotes featuring the portrait of King Charles are being issued from today (June 5), making it the first time that the sovereign has been changed on the Bank of England's notes.
These new legal tender will be in circulation alongside those featuring the late Queen Elizabeth II with the King's portrait appearing on all four banknotes - £5, £10, £20 and £50 - with no alterations to existing designs.
However, Britons may have to wait a little bit before they see this change appear in their wallet or purse.
Despite this, some people could still be among the first in the UK to physically hold these new banknotes.
Here is a full list of the Post Office locations where the new note will be available first from today, with a gradual rollout to other branches in the weeks ahead:
- Piccadilly Plaza (Manchester), M2 1BB
- Sunderland City, SR1 1RR
- Portsmouth, PO1 1AB
- Birmingham, B2 4AA
- The City of London, EC2M 5TE
- Moorgate, EC2M 5TE
- Broadway, SW1H 0AX
- Great Massingham, PE31 6HP
- Tetbury, GL8 8DB
- Minchinhampton, GL6 9BN
- Windsor, SL4 1AA
- Houndsditch, E1 7BS
- Woodstock, OX20 1SP
- Poundbury, DT1 3AZ.
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Select Post Offices will have the new tender from today but there
PA
Some 4.6 billion Bank of England notes in circulation, worth about £82billion, with new notes only being printed to replaced any that are worn out, or to meet a hike in demand.
This is line with guidance from the Royal Household with the approach seeking to minimise the environmental and financial impact of this gradual change to King Charles' portrait.
Andrew Bailey, the central bank's governor, described the new banknotes as a "historic moment" and shared his enthusiasm for the first time change of sovereign on the banknotes.
Bailey said: “We know that cash is important for many people, and we are committed to providing banknotes for as long as the public demand them. Bringing these new notes into circulation is a demonstration of that commitment.”
In April, King Charles was first presented with the new banknotes which he praised as being "very well designed". His mother Queen Elizabeth II was the first British sovereign to have her face placed on a £1 paper note in 1960.
This is despite the fact the Bank of England has been producing banknotes since the 17th century. Chosen Post Offices will initially have £5, £10 and £20 denominations of the notes in branch.
With the rollout, the Bank of England has placed temporary facilities in place to allow people to get limited amount of the King Charles III banknotes. This includes setting up a postal exchange service, running from June 5 to 30, up to a limit of £300 per customer.
An application form and more details are on the Bank of England’s website. At the central bank's counter at Threadneedle Street in central London, new issues of notes will ne available from June 5 to 11.
Karen Stonham, branch manager at the Portsmouth Post Office, said: “Our local customers come into our branch every day to withdraw or deposit cash for their daily needs, so we were excited to be one of the first branches to have the new banknotes available.”
Krishna Thakeria, branch manager at the Broadway Post Office in central London, said: “The new-look notes hold a special significance for us at Broadway Post Office, given our proximity to Buckingham Palace and the historic Cabinet War Rooms.”
LATEST DEVELOPMENTS:
The new notes will be in circulation alongside existing tender with the portrait of Queen Elizabeth II
PA
New figures from Post Office recently revealed an increase in cash transactions at its branches in April, with cash deposits and withdrawals across counters coming to £3.48billion.
Ross Borkett, banking director at the Post Office, said: “This historic launch of the new banknotes featuring King Charles III comes as we experience the highest levels of cash withdrawals and deposits in Post Office branches.
“We’re pleased to be able to mark this day by giving people the opportunity to withdraw the new notes from our branches."
Graham Mott, director of strategy at ATM and cash access network Link, added: “While more people are paying for things online or using contactless cards, cash use remains popular, with over 70 per cent of adults spending cash at least once a fortnight.
“As King Charles III banknotes begin to enter circulation, they will steadily be available through all cash machines as worn notes are withdrawn.”
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