The United Kingdom is a country in Europe that comprises of England, Scotland, Wales and Northern Ireland. The total area of the UK is 242,495 sq km, with an estimated population of over 68 million people. On 8 September 2022, Queen Elizabeth Alexandra Mary the 2nd, passed away after reigning for 70 years and 214 days, leaving the British throne to her son King Charles Philip Arthur George the 3rd.
According to BBC, the Bank of England is set to release new banknotes featuring King Charles, marking a significant change for the country’s currency. These updated banknotes will have the King’s portrait on the existing designs of 5, 10, 20 and 50-pounds notes.
This development will not affect the circulation or acceptance of the already existing banknotes, as the Queen Elizabeth notes already in circulation are worth around 82 billion pounds and will only be replaced by the King Charles notes when the former are no longer fit for use. However, the new notes will not be released until mid-2024 due to the need for machines, such as self-service tills, to recognize the new image.
Even though cash usage is declining in England, there are still many people who rely on it for their everyday transactions, and it is important to ensure that they have access to it.