The Bank of England has asked people to return old banknotes featuring the portrait of Queen Elizabeth. Brand new banknotes featuring the portrait of the new monarch, King Charles III, are due to be circulated in the UK on Wednesday.
The circulation of the new currency would make King Charles III to be the second British monarch to be the face of the Bank of England notes. However, will introducing new notes mean that the old notes will become invalid?
According to reports in the UK, people can return their old banknotes till June 30. People can exchange their old notes from June 5 to June 30 up to the value of £300 for the new ones. The new notes look completely the same to the previous one, except they feature the image of King Charles III.
People can exchange their banknotes till June 30. People can change their banknotes by visiting the BoE counters between June 5 and June 11 at the Bank of England counter at Threadneedle Street. People can also exchange their banknotes up by filling an application form. The process is available for those who are living at a UK address.
The old banknotes in featuring Queen Elizabeth II will continue to remain valid and will remain in circulation along with new ones to ease the transition. The new banknotes have been printed out to replace the old and worn-out notes.
King Charles III previewed the notes at Buckingham Palace before they were approved Bank of England. He was presented with banknotes with lower denominations.
Elizabeth was the first monarch to feature on British banknotes although coins in England have carried images of kings and queens for over 1,000 years.
“We’re very pleased to be issuing the new King Charles banknotes. This is a historic moment, as it’s the first time we’ve changed the sovereign on our notes,” Bank of England Governor Andrew Bailey said on Wednesday.
Aside from the new monarch, the design of the banknotes is unchanged.
In recent years, consumers in the UK have favoured electronic payments leading to a sharp fall in cash usage.
Cash usage fell from more than half of shop transactions in 2014 to just 15% by 2021. This was in large part believed to be due to the COVID-19 pandemic. In 2022, cash was used in around 19% of transactions.
Unlike Germany, many shops in the UK only accept card payments.
“We know that cash is important for many people, and we are committed to providing banknotes for as long as the public demand them. Bringing these new notes into circulation is a demonstration of that commitment,” Bailey said.
SOURCE: NEWS AGENCIES
