Market Analysis

The Bank of England announced on Wednesday that banknotes featuring a portrait of King Charles III have been introduced into circulation for the first time. King Charles III will appear on the front of £5, £10, £20, and £50 notes, visible through the notes’ transparent security window. The overall design of the notes remains unchanged, continuing the tradition of featuring historical figures like Winston Churchill, Jane Austen, JMW Turner, and Alan Turing.

Images of the new banknotes featuring King Charles III were unveiled in December 2022 following the passing of Queen Elizabeth II in September of the same year. The Bank of England clarified that while notes featuring Queen Elizabeth II will still be legal tender, they will gradually be replaced with those depicting King Charles III as needed.

Bank of England Governor Andrew Bailey described this as a historic moment, marking the first change in sovereign depicted on British banknotes since the tradition began in 1960. The transition to King Charles III notes will occur gradually, with new notes printed primarily to replace worn-out currency or meet increased demand.

In addition to the new banknotes, coins featuring King Charles III's portrait have also been introduced into circulation, featuring the monarch facing left, in accordance with royal tradition where the direction of the profile alternates with each new monarch.

To raise funds for charity, the Bank of England plans to auction low-serial numbered notes in the coming months.

Paraphrasing text from "NBC News" all rights reserved by the original author.