{"id":90404,"date":"2023-04-07T00:03:13","date_gmt":"2023-04-07T00:03:13","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2023\/04\/07\/king-charles-banknotes-printed-but-not-ready-yet\/"},"modified":"2023-04-07T00:03:13","modified_gmt":"2023-04-07T00:03:13","slug":"king-charles-banknotes-printed-but-not-ready-yet","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2023\/04\/07\/king-charles-banknotes-printed-but-not-ready-yet\/","title":{"rendered":"King Charles banknotes printed – but not ready yet"},"content":{"rendered":"
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Millions of new banknotes bearing the image of King Charles will be printed, but they won’t come into circulation until the middle of next year.<\/b><\/p>\n<\/div>\n

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The BBC was given exclusive access to the highly secure website which produces banknotes for the Bank of England.<\/p>\n<\/div>\n

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The King’s portrait will be the only change to existing designs of \u00a35, \u00a310, \u00a320 and \u00a350 notes, and new notes will replace damaged or worn older ones.<\/p>\n<\/div>\n

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However, machines such as self-service checkouts must recognize the new image.<\/p>\n<\/div>\n

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This process takes a relatively long time to set up, which is why the banknotes will not be issued until mid-2024 – many months after 50p pieces bearing the king’s image went into use, according to the Bank of England’s chief teller.<\/p>\n<\/div>\n

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Sarah John, whose role means her signature is on the notes, said: “There is a lot to be done to ensure that the machines used across the country can accept the notes. <\/p>\n<\/div>\n

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\u201cThey all have to be adapted to recognize the new design, with software updates, and that takes months and months.<\/p>\n<\/div>\n

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“Otherwise we’re going to put out a banknote that people just couldn’t use.”<\/p>\n<\/div>\n

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The reverse of the current Bank of England polymer banknotes, which feature in ascending order Sir Winston Churchill, Jane Austen, JMW Turner and Alan Turing, remains unchanged.<\/p>\n<\/div>\n

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The Queen Elizabeth banknotes already in circulation – about 4.7 billion of them worth 82 billion. The King Charles notes will only replace them when they are no longer usable or there is an increased demand.<\/p>\n<\/div>\n

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The Royal Household has issued guidance encouraging such a move rather than a wholesale switch to minimize the environmental and financial impact of the switch.<\/p>\n<\/div>\n

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Nevertheless, on the day the BBC visited the production facility – a complex surrounded by barbed wire with tight security and the outward appearance of a prison – some six million new banknotes were printed in 24 hours.<\/p>\n<\/div>\n

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These are wrapped in a ‘sausage’ of 5,000 notes, each of which would pay off many mortgages but are instead used for daily transactions across the UK economy. However, the purchasing power of certain banknotes has been diluted by rising prices.<\/p>\n<\/div>\n

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There are more banknotes in circulation than ever before, but they are not used as widely by consumers. The use of cash has become far less common compared to debit cards, largely due to the use of contactless payments.<\/p>\n<\/div>\n

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Where better to test your appetite for the new Charles banknotes than The King’s Head in Chipping Ongar. The pub has a rich history of its own, so named because King James II is said to have stayed in a coaching inn on the grounds during his reign.<\/p>\n<\/div>\n

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Assistant manager Carol Mason said very few customers were paying for their drinks with cash anymore, and they were often from the older generation.<\/p>\n<\/div>\n

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“I started here in 2015 and we saw the biggest change during Covid when people didn’t want to touch cash,” she said. <\/p>\n<\/div>\n

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\u201cThey just started using their phones more, their watches more, their credit cards. They just found them easier to use, and they stuck with it. People have gotten used to this way of life.\u201d <\/p>\n<\/div>\n

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    \n
  • Who’s who in the royal family?<\/li>\n
  • Lessons from history about how we handle money<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    The Bank of England’s Sarah John said: “There are still many people who rely on cash for their day-to-day expenses. It might not be obvious to everyone, but it’s still very important that they have cash available when they really need it.”<\/p>\n<\/div>\n

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    Her comments come from a survey by Link, which monitors the UK ATM network, which suggested 45% of respondents had been to a place where the use of cash was either not accepted or advised against in the past eight weeks. One in five of them described this as fairly or very uncomfortable. <\/p>\n<\/div>\n

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    There has been a growing problem with paying for parking spots where only cards are accepted, the organization suggested.<\/p>\n<\/div>\n

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    Activists say that if businesses and service providers start refusing cash payments, the decline will accelerate and the risk of leaving millions of people who depend on it isolated increases.<\/p>\n<\/div>\n

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    And yet, even though cash is no longer king, the image of a king will still be on our banknotes for some time to come.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Millions of new banknotes bearing the image of King Charles will be printed, but they won’t come into circulation until the middle of next year. The BBC was given exclusive access to the highly secure website which produces banknotes for the Bank of England. The King’s portrait will be the only change to existing designs […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-90404","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nKing Charles banknotes printed - but not ready yet - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2023\/04\/07\/king-charles-banknotes-printed-but-not-ready-yet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"King Charles banknotes printed - but not ready yet\" \/>\n<meta property=\"og:description\" content=\"Millions of new banknotes bearing the image of King Charles will be printed, but they won’t come into circulation until the middle of next year. 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