Charles III gets his own paper currency
FOR SEVEN decades Britons had daily contact with their queen, as they handled notes and coins bearing Elizabeth II’s face. When Elizabeth died in September 2022 she was succeeded on the throne by Charles III. The first coins showing his portrait entered circulation that year. The first proper release of banknotes with his likeness took place early on June 5th, when the keenest notaphilists queued outside the Bank of England to exchange the mother’s currency for the son’s. First among them was Chris Nield, who arrived at lunchtime on June 4th and spent the night sitting on a folding chair in order to be the first to swap up to £300 ($380) into “very historic” new notes. The king’s image will be a less common part of everyday life than Elizabeth’s was, however, and not just because his reign will be shorter.
Monarchs have appeared on British coinage since antiquity. But Elizabeth was the first royal to feature on all paper-currency denominations. During her long reign her image was redrawn five times. The first was used on a £1 note issued in 1960, eight years after her accession in 1952. Her most recognisable currency portrait was issued in 1990, when she was 64; it continued to appear on all notes until her death at the age of 96. Charles, too, is likely to remain captured in perpetual late-middle age. Although the king was 73 on the day of his coronation, the image on the new banknotes is based on a photograph taken ten years before.
Elizabeth II also appeared on the currencies of at least 33 countries during her time on the throne. Some countries in the Commonwealth are re-evaluating whether they want the British monarch on their money. Australia, which has an image of Elizabeth on its A$5 note, will not use Charles on its next redesign (although he will feature on the country’s next coins). The governor of the Eastern Caribbean Central Bank, which issues currency for eight Caribbean economies, said last year that there may be “no appetite” to replace Elizabeth’s likeness with that of Charles.
No such questions arise in Britain, but even so it will be a long time before most people get their hands on notes with the king’s face on them. Demand for paper currency is falling with the rise of digital payments. Many Britons no longer carry any cash at all. In 2022 just 14% of transactions were made with cash; by 2032 the figure could be just 7%, according to the Bank of England’s estimates. Around 4.7bn Elizabeth notes, worth £82bn, are still in circulation and they will not be removed unless they are damaged—which, since they are now printed on a durable and waterproof plastic polymer, will be much less frequently than in the age of paper currency. Elizabeth’s face could still be in purses and wallets when William V appears on his own banknotes. ■