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ENGLAND, KUPANG TIMES - The Bank of England has officially released a new design of paper currency, pound sterling, featuring the image of His Majesty King Charles III.
This new paper currency will begin circulation in mid-2024.
"Images of His Majesty King Charles III, will be featured on four polymer banknotes, namely; £5, £10, £20 and £50, and ensure that there are no changes to the existing designs,"|Bank of England, quoted from Channel News Asia, Tuesday (20/12/22).
As can be seen from the portrait released by the Bank of England, the image of His Majesty King Charles III will appear on the front of the new paper currency, pounds, as well as on the translucent part of the banknote, pounds.
The Royal Mint previously released, the first coin featuring the image of His Majesty King Charles III, which began circulation in early December 2022.
The Bank of England explained that; "a new banknote featuring an image of His Majesty King Charles III, based on a photograph in possession, by the Royal Family, since 2013,"
"The paper currency design was finalized in recent months"
"and has been approved by His Majesty King Charles III,
"While polymer banknotes are today, they will remain legal tender and can continue to be used in the UK,"
"And, a new note, pound sterling, was printed to replace the old notes and to meet the increase in overall demand,"
"It is expected to minimize the environmental and financial impact of these changes,"
"The process of printing the new currency, the pound, starts in the first half of 2023,"|The Bank of England
"I am very proud that the Bank is releasing our new banknote design which will bear an image of His Majesty King Charles III,"|Andrew Bailey (Governor of the Bank of England)
"This is an important moment, because the King is the second king to be featured on our banknotes,"
Bank of England, Will Withdraw Old Banknotes and Coins, worldwide, worth IDR 1,400 Trillion, with a picture of Queen Elizabeth II.
As Queen of England with the longest tenure, namely; reaches 70 years of age, the Queen's image appears on various British coins, with versions varying as she ages.
Queen Elizabeth II's image has been featured on pound sterling banknotes for more than 60 years, the first British monarch to do so.
Image of Queen Elizabeth II, first minted on a coin, pound sterling, featuring 5 different versions of the image, in 1953.
Image of Queen Elizabeth II, first printed on banknotes, in 1960.
Now, however, the Bank of England, which mints the pound note, and the Royal Mint, which creates the coin version, the pound sterling, are tasked with withdrawing all the bills bearing the image of Queen Elizabeth II, and replacing them with the image of her son ascending the throne, His Majesty King Charles III.
According to Bank of England data, there are more than 4.7 million pound notes in circulation in the UK bearing the image of Queen Elizabeth II, with a total value of £82 billion, equivalent to USD 95 billion, / or IDR 1,400 trillion.
The Royal Mint also reports that there are around 29 billion coins in circulation bearing the image of Queen Elizabeth II.
The bank note, the pound sterling, bearing the image of His Majesty King Charles III, will be introduced gradually, and circulate side by side as legal tender with old notes and coins for a period of time.
A similar situation occurred in 2017, when the Royal Mint began issuing a new 12-sided £1 coin.
The new coins circulated at the same time as the old £1 metal round for 6 months.
And it's not just cash that needs a major overhaul.
The British government also faces the mammoth task of changing the royal insignia on thousands of postboxes and newly issued passports.
|Narrative: Banking, Government
|Text: W.J.B
|Literacy Resources: Bank of England, Andrew Bailey (Bank of England Governor), Royal Mint, Channel News Asia
