By John Ensor • Updated: 07 Apr 2023 • 12:17 • 2 minutes read
New UK banknotes on the way. Credit: Creative Commons
The existing designs of £5, Sir Winston Churchill; £10, Jane Austen; £20, JMW Turner; and £50, Alan Turing notes, will remain the same, the only change will be the addition of the king’s portrait.
According to the Bank of England‘s chief cashier, Sarah John, the introduction of new notes is a lengthy process as machines such as self-service tills need to be reconfigured to recognise the new image, which is why the notes are due to be issued in mid-2024
Sarah, whose signature appears on UK bank notes became chief cashier in 2018, and Executive Director of Banking in May 2022 said, “There is a lot to do to ensure that machines used up and down the country can accept the banknotes.
“They all need to be adapted to recognise the new design, with software updates, and that takes months and months.
“Otherwise, we will be putting a banknote out there that people simply would not be able to use.”
Around £4.7 billion Queen Elizabeth notes are still in circulation (worth £82bn) and will still be accepted in shops, even after the new notes enter circulation. The new King Charles notes will only replace them when they become damaged, or when there is an increased demand.
Rather than a wholesale switch, the Royal household has advised on the changeover, in order to minimise the environmental and financial impact.
Cash use has become far less frequent when compared to debit cards, owing primarily to the use of contactless payments. The effects of the Covid pandemic also meant that people were reluctant to handle banknotes.
Sarah John concluded, ‘There are still a lot of people who rely on cash for their day-to-day spending. It might not be obvious to everyone, but it is still really important that they have cash available when they really need it.’
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Originally from Doncaster, Yorkshire, John now lives in Galicia, Northern Spain with his wife Nina. He is passionate about news, music, cycling and animals.
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