Queen Elizabeth II's portrait banknotes will also continue to be used as legal tender.
The new banknotes will be printed to replace worn-out ones and to meet the general increase in demand for banknotes. For this reason, the distribution of the new banknotes featuring King Charles' portrait is expected to be quite gradual.
'A SIGN OF COMMITMENT'
In the statement, BoE Governor Andrew Bailey expressed his satisfaction with the banknotes entering circulation, stating, "This is a historic moment, as it is the first time we have changed the sovereign on our banknotes. We know that cash is important for many people, and we are committed to providing banknotes as long as the public demands them. Bringing these new banknotes into circulation is a sign of that commitment."
The first banknotes featuring King Charles' portrait were printed last year. The portrait of King Charles on the banknotes is based on a photograph taken in 2013.
News Source: AA
