The only design change to the £5, £10, £20, and £50 notes will be the portrait of His Majesty, but the process of introducing the money will be lengthy.
Although printing has begun, the notes will not be in circulation until mid-2024, due to the time it takes self-service tills to recognise the new image. Cash use is becoming increasingly rare, as contactless payments and online banking have rendered physical capital somewhat obsolete.
As a result, polymer bills will be printed only to replace worn notes or to meet increased demand. This is done to ensure that the change has the least possible environmental and financial impact.
As a result, notes and coins bearing the late Queen Elizabeth II’s face will continue to be legal tender even after the new King’s image is introduced. The 50 pence coin with King Charles‘ face hit post offices in December of last year, with an estimated 4.9 million distributed.
The effigy of the King was created by sculptor Martin Jennings and has been personally approved by Charles, according to the Mint. “It is a privilege to sculpt the first official effigy of His Majesty and to receive his personal approval for the design,” Mr Jennings said.
The portrait was inspired by the iconic effigies that have graced Britain’s coins over the centuries and was sculpted from a photograph of the King.” It is my smallest work, but it is humbling to know that it will be seen and held by people all over the world for centuries to come.
