The ‘historic moment’ marks the first time that the Bank of England has changed the sovereign on its banknotes.
Banknotes featuring the King’s portrait are being issued from Wednesday, marking the first time that the sovereign has been changed on the Bank of England’s notes.The portrait of Charles will appear on all four banknotes – the £5, £10, £20 and £50 – with no other alterations to the existing designs.However, people may only start to see the new notes appear in their change very gradually.
Work started on Charles’s classically inspired extension to the Dorset town of Dorchester in the 1990s, to create an urban quarter of Dorchester where commercial buildings were mixed with residential areas, shops and leisure facilities for a walkable community.Thousands of Post Offices will receive the new-look currency over the coming days and weeks.
Ross Borkett, banking director at the Post Office, said: “This historic launch of the new banknotes featuring King Charles III comes as we experience the highest levels of cash withdrawals and deposits in Post Office branches. Banknotes featuring King Charles III will be issued from 5 June. Notes featuring Queen Elizabeth II will remain legal tender and will co-circulate with the King Charles III notes.The Bank of England has put temporary facilities in place to allow people to obtain a limited amount of the King Charles III banknotes.
Visitors to the Bank of England Museum have been able to catch a first glimpse of the new banknotes, before they entered circulation, in its Future Of Money exhibition. A recent survey for Link indicated that nearly half of people expect to see a cashless society in their lifetime.
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