A new era is taking shape: Millions of banknotes bearing the face of the British King Charles III are already being issued in Great Britain. Printed. At the high-security complex, printing machines are already running at full speed, producing around six million notes in 24 hours, the BBC reported after visiting the production facility on Friday.
However, the new bills should only be used for payment transactions by mid-2024, as many shops – for example, independent payment counters – still need to change their software. Currently these switches can only recognize notes bearing the image of Queen Elizabeth II, with a Charles variant not yet planned.
“There is a lot more to do,” the Bank of England’s Sarah John told the BBC. It will take a few months for all devices to be updated. “We don’t want to issue bills that people still can’t use.”
Coins already exist with the profile of Charles (74). New payment systems should be introduced gradually to replace the old ones. However, bills and coins of the Queen, who died in September, remain valid and will remain in circulation for years. With this gradual transition, the royal family wants to avoid unnecessary waste of resources.
In day-to-day use, the importance of cash is diminishing in Great Britain, especially as the pandemic has given a huge boost to cashless payment systems. Especially in London, some places no longer accept cash for payment.
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