King Charles III banknotes enter circulation for the first time

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King Charles III banknotes enter circulation for the first time
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Sophie Kiderlin is a reporter for CNBC Make It and CNBC International.

LONDON — Banknotes featuring a portrait of King Charles III entered circulation on Wednesday for the first time, the Bank of England said in a statement. Charles will be pictured on the front of the £5, £10, £20, and £50 banknotes, and will be seen through the notes’ see-through security window. Otherwise the notes will remain unchanged in their design. As well as monarchs, banknotes in the U.K.

The two monarchs are the only ones to be depicted on banknotes, as this tradition only began in 1960. “The new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes,” the Bank of England said. “This means the public will begin to see the new King Charles III notes very gradually.” “This is a historic moment, as it’s the first time we’ve changed the sovereign on our notes,” Bank of England Governor Andrew Bailey said.

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