Cash is officially King as new banknotes enter circulation

Today marks the first day that banknotes of King Charles III officially enter circulation which will co-circulate alongside Queen Elizabeth II.

King Charles portrait will feature on £5, £10, £20 and £50 and there are no other alterations on the banknotes.

There are over 4.6 billion Bank of England notes worth £82 billion and the banknotes will gradually appear.

Bank of England Governor Andrew Bailey said, “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.

“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.”

Graham Mott, director of strategy at ATM and cash access network Link, said, “While more people are paying for things online or using contactless cards, cash use remains popular, with over 70% of adults spending cash at least once a fortnight.

“As King Charles III banknotes begin to enter circulation, they will steadily be available through all cash machines as worn notes are withdrawn.”