New King Charles III banknotes unveiled by the Bank of England

The design of the new £5 note Credit: Bank of England

NEW King Charles III banknotes unveiled by the Bank of England on December 20 although they are unlikely to enter into circulation before 2024.

With the death of Her Majesty Queen Elizabeth II, it was clear that new coins and banknotes would need to be released featuring an image of the new monarch.

It is more than likely that preliminary designs had been drawn up before her death and indeed as they have to be approved by the Palace may even have been viewed by Her Majesty and the then Prince of Wales.

Whilst coins have a long life, bank notes which are in constant use have a much shorter life span and are relatively expensive to produce which is why the Bank of England decided to phase out paper notes and replace them with longer lasting polymer notes.

The process of replacing each value took place over a period of years and the £50 pound note was not replaced until July 2021.

Rather than produce new designs for each side of the four notes that are currently in circulation, £5 – Winston Churchill, £10 – Jane Austen, £20 JMW Turner, £50 – Alan Turing, it has been decided to only change the design on the side where the monarch’s portrait appears.

The King’s image will appear on the front of the banknotes, as well as in the see-through security window but all other images will remain the same.

The new banknotes will only be printed to replace those featuring Her Majesty that are worn or to meet any overall increase in demand for banknotes, a decision which is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change.

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