Banknotes featuring King Charles III entered circulation in Britain on Wednesday.
The Bank of England said Charles is only the second monarch, after his late mother Queen Elizabeth II, to appear on banknotes issued by the BoE. It is also the first time the bank has changed the monarch on its banknotes.
Images of the new banknote were first announced in 2022.
Charles’ portrait appears on £5, £10, £20 and £50 banknotes. Meanwhile, the rest of the design remains the same as the current banknotes, which feature the late Queen Elizabeth II on the front.
The change will not happen overnight. The Bank of England said in a press release that it expects the new banknotes to “come into circulation very gradually.” Fans of Charles can also exchange old banknotes for new ones for a limited time, the Bank of England said.
The bank said a series of charity auctions for low serial number banknotes will take place this summer at auction house Spink & Son.
Fewer Britons use cash. The British Retail Consortium reported an increase in the use of cash in 2023 for the first time in a decade, accounting for around 19% of total transactions. Cards still made up the vast majority of money spent, at 85%.
CNN’s Lauren Kent contributed to this report.
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