King Charles banknotes enter circulation

In a latest news emerging from England,  new banknotes of King Charles III has started circulation. It may take some time before citizens can commonly have it in their wallets and purses due to its newness.

The Bank of England’s new notes will bit by bit take over and replace banknotes which are damaged, or will be issued when demand rises.

King Charles III is the second monarch to appear on England’s banknotes. The first monarch to appear on these notes is Elizabeth III in the year 1960.

Traders are assured that they can still use current circulating £5, £10, £20 and £50 banknotes carrying the portrait of the late Queen.

The reverse side of current polymer Bank of England banknotes, which in ascending order feature Sir Winston Churchill, Jane Austen, JMW Turner and Alan Turing, are unchanged.

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Banknotes issued in Scotland and Northern Ireland feature other images, and not the monarch.

It was last year the first new banknotes were printed for use. Automated Teller Machines were updated to recognize the new notes. The picture of the King on the banknote was taken in 2013.

In last year, the month of April, the BBC Media house was given an exclusive access to the highly secured site where these banknotes are printed.

A year on, the King was presented with a full set with the lowest serial numbers, following the tradition of the monarch receiving the first issues of new banknotes.

Collectors seek banknotes which come as close to the 00001 serial number as possible.

As the King is appears on banknotes, cash may be disappearing from our lives.

“This is a historic moment, as it’s the first time we’ve changed the sovereign on our notes,” said Bank of England governor, Andrew Bailey.

“We know that cash is important for many people, and we are committed to providing banknotes for as long as the public demand them.”

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But a survey for Link, the UK’s cash access and Automated Teller Machine network, found that nearly half (48%) of those asked said they expected a cashless society during their lifetime.

However, the same proportion said this would be worrying, and 71% of those surveyed said they still had some level of everyday reliance on cash.

Meanwhile figures from consumer association Which found that 6,000 bank branches had closed in the last nine years, leaving many places with none at all and limited access to cash.

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