Fresh banknotes featuring the likeness of King Charles III have been introduced into circulation, yet it may take some time before they become commonplace in wallets and handbags.
These new Bank of England notes will gradually replace damaged ones or be issued as demand rises.
The King marks only the second monarch to grace these notes, succeeding Queen Elizabeth II who first appeared in 1960.
Consumers can continue to utilize existing circulating £5, £10, £20, and £50 notes bearing the portrait of the late Queen.
The reverse sides of current polymer Bank of England banknotes, showcasing Sir Winston Churchill, Jane Austen, JMW Turner, and Alan Turing in ascending order, remain unaltered. Notes issued in Scotland and Northern Ireland display different images, not of the monarch.
The initial batch of new banknotes was printed last year, with the extended preparation time allowing for the updating of automated cash-accepting machines to recognize the new designs. The King’s likeness is derived from a photograph taken in 2013.
In April of the preceding year, the BBC was granted exclusive access to the highly secure facility where the notes are being produced.
A year later, the King was presented with a complete set featuring the lowest serial numbers, adhering to the tradition of the monarch receiving the inaugural issues of new banknotes.
Collectors covet banknotes with serial numbers as close to 00001 as possible.
Even as the King graces banknotes, the use of cash may be diminishing from our daily lives.
“This is a historic moment, as it’s the first time we’ve changed the sovereign on our notes,” said Bank of England governor, Andrew Bailey.
“We know that cash is important for many people, and we are committed to providing banknotes for as long as the public demand them.”
However, a poll conducted for Link, the UK’s cash access and ATM network, revealed that almost half (48%) of respondents anticipated a cashless society within their lifetime.
Nonetheless, an equal portion expressed concerns about this transition, and 71% of participants indicated that they still depended on cash for daily transactions to some extent.
However, data from consumer association Which? revealed that over the past nine years, 6,000 bank branches had shuttered, resulting in numerous areas with no access to banking facilities and limited availability of cash.