British banknotes featuring King Charles III enter circulation

Banknotes featuring King Charles III have entered circulation in the United Kingdom. Charles is the second monarch to appear on banknotes issued by the Bank of England (BoE), following his late mother, Queen Elizabeth II. It is the first time the BoE has changed the monarch on its notes. The new banknotes, which were announced in 2022, feature Charles’ portrait and come in denominations of £5, £10, £20, and £50. The design of the notes will otherwise remain the same as the current ones featuring Queen Elizabeth II. The Bank of England expects the new notes to enter circulation gradually. There will also be a limited-time opportunity for individuals to exchange old banknotes for the new ones. Additionally, a series of charity auctions for low-serial-numbered notes will take place over the summer. Cash usage in the UK has seen a slight increase but still remains lower compared to card transactions.