June 5th 2024.
Today marks a momentous occasion as the new banknotes featuring the portrait of King Charles III are officially being released into circulation. This is the first time that these banknotes, including the £5, £10, £20, and £50, will be available with no other changes to their existing designs. They will co-circulate alongside the current banknotes with the portrait of the late Queen Elizabeth II. However, it may take some time for the new notes to be readily available as they are gradually being rolled out into British currency.
In accordance with guidance from the Royal Household, the new banknotes will only be printed to replace worn-out notes and to meet any increase in demand. With over 4.6 billion Bank of England notes currently in circulation, worth around £82 billion, this is a significant change. Bank of England Governor Andrew Bailey expressed his excitement about the release of the new banknotes, stating, "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."
For those eager to get their hands on the new banknotes, here are some locations where they can be found: Piccadilly Plaza, Sunderland City, Portsmouth, Birmingham, The City of London, Moorgate, Broadway, Great Massingham, Tetbury, Minchinhampton, Windsor, Houndsditch, Woodstock, Poundbury, and a few others. It's important to note that there will be no other changes to the existing designs of the banknotes.
Bailey also mentioned the importance of cash for many people and the Bank of England's commitment to providing banknotes for as long as they are in demand. He added, "Bringing these new notes into circulation is a demonstration of that commitment." In April, King Charles III was presented with the first banknotes bearing his portrait and praised them as "very well designed." He also expressed his surprise at being only the second monarch to be featured on British currency.
Although the Bank of England has been producing banknotes since the 17th century, Queen Elizabeth II was the first British sovereign to be featured on a banknote in 1960. People will be able to find the new banknotes at selected Post Office branches, where they will initially have £5, £10, and £20 denominations. As more and more people receive the new banknotes over the next few days and weeks, they will co-circulate with the current notes featuring Queen Elizabeth II.
Karen Stonham, branch manager at the Portsmouth Post Office, expressed her excitement about being one of the first branches to have the new banknotes available. She said, "Our local customers come into our branch every day to withdraw or deposit cash for their daily needs, so we were excited to be one of the first branches to have the new banknotes available." Krishna Thakeria, branch manager at the Broadway Post Office in central London, also shared his excitement, especially as the branch is located near Buckingham Palace and the historic Cabinet War Rooms.
Recent figures from the Post Office showed a significant increase in cash transactions in April, with a record £3.48 billion in cash deposits and withdrawals across counters. Ross Borkett, banking director at the Post Office, stated, "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."
To mark this historic day, the Bank of England has set up temporary facilities to allow people to obtain a limited amount of the new banknotes. This includes a postal exchange service, which will run from June 5 to 30, with a limit of £300 per customer. The application form and more details can be found on the Bank of England's website. Additionally, the Bank of England counter at Threadneedle Street in London will also be issuing the new banknotes from June 5 to 11 with the same limit of £300 per customer.
Visitors to the Bank of England Museum were able to get a first look at the new banknotes in their Future of Money exhibition before they were released into circulation. Graham Mott, director of strategy at ATM and cash access network Link, mentioned the continued popularity of cash despite the rise of online and contactless payments. He said, "As King Charles III banknotes begin to enter circulation, they will steadily be available through all cash machines as worn notes are withdrawn."
A recent survey by Link revealed that nearly half of people expect to see a cashless society in their lifetime. However, according to Link's data, the average UK adult still withdrew around £1,500 from cash machines last year. In 2023, legislation was passed to protect access to cash as part of the Financial Services and Markets Act. So, while the new banknotes featuring Queen Elizabeth II remain legal tender and there is no need to exchange them, those interested in seeing the new banknotes can now get their hands on them through the Bank of England's temporary facilities.
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