The Bank of England said that the new notes would only be printed to replace worn notes or to meet increased demand, in order to minimize the environmental and financial impact of the change.
The Bank of England, which is the central bank of the United Kingdom and the model on which most modern central banks have been based, last Tuesday 20th December unveiled new Pound Sterling notes.
The new look of banknotes featuring the image of King Charles has been unveiled by the Bank of England. The portrait will be the only change to existing designs of £5, £10, £20 and £50 notes and will start to enter circulation from mid-2024.
New notes will feature the King’s portrait on the front and in the see-through security window. Existing notes will still be accepted in shops after the new notes begin to circulate.
Queen Elizabeth was the first and only monarch to consistently appear on circulating Bank of England banknotes, starting in 1960. Notes issued by Scottish and Northern Irish banks do not depict the monarch.
Going by calculations and findings, there are about 4.5 billion individual Bank of England notes worth about £80 billion in circulation at present. The development is as a result of following guidance from the Royal household to replace old notes. Bank of England governor, Andrew Bailey, said he was “proud” of a “significant moment” with the new design.