New banknotes featuring the image of the British King Charles III were presented at an exhibition at the Bank of England Museum in London. These are four banknotes in denominations of £5, £10, £20 and £50. They will go into circulation on June 5 this year.
The reverse features portraits of former Prime Minister Winston Churchill, writer Jane Austen, artist William Turner and mathematician Alan Turing.
Charles III is the second British monarch in the history of the United Kingdom to have his image featured on banknotes. The first was his mother, Elizabeth II. Her portrait appeared on banknotes in 1960, seven years after her coronation.
New banknotes will come into circulation gradually.
In the UK, cash is still popular. Every fifth person prefers to pay with them. In 2022, more than a million UK adults did not have a bank account.
Meanwhile, non-cash payments are gradually replacing cash transactions. Thus, in 2011, 55% of payments in the UK were made using cash. Ten years later, this figure dropped to 15%. The Bank of England estimates that this figure will fall to 6% by 2031.
