Cash is king: Charles III banknotes enter circulation
Europe
By
AFP
| Jun 06, 2024
British banknotes bearing the image of King Charles III entered circulation for the first time on Wednesday, nearly two years after he succeeded his mother Queen Elizabeth II.
The four banknotes with the king's portrait on the front carry values of PS5 ($6.4), PS10, PS20 and PS50 and will be used alongside those bearing the image of Elizabeth, who died in September 2022.
Coins bearing Charles's head entered circulation in December 2022.
The updates come as Britons increasingly use physical and online bank cards, rather than cash, to make payments.
But Bank of England governor Andrew Bailey called it "a historic moment", with the late queen having served a record 70 years on the throne.
READ MORE
Junior Starlets ready for World Cup qualifiers
Harambee Stars pull together ahead of their match with Estonia
Tourism regulator ties hotel grading to safety drills
World Cup concerns are exaggerated, says FIFA vice-president
National Treasury asked to raise taxes on tobacco, sugary drinks and alcohol
Ruto to represent Africa at G7 summit amid push for financial reforms
Kenya's AI Bill must encourage innovation, not suffocate it
Kenyans back home from world meet empty-handed
Alarm as boys lag behind in Drama and Music festivals
Senegal Vs Morocco: Afcon ruling lawful, but CAF's reputation at risk
"We know that cash is important for many people, and we are committed to providing banknotes for as long as the public demand them," he added.
Based on a photograph owned by the royal household and made available in 2013, Charles in late 2022 approved the final designs of the notes featuring his engraved portrait.
The new cash - made from polymer that has already been used to replace paper money in the UK since 2016 -- will gradually replace the older notes.