Bank notes featuring King Charles have been printed - but it will be a while before we see them in circulation.
Cost of living correspondent
The King's portrait will be the only change to existing designs of £5, £10, £20 and £50 notes, and new notes will replace damaged or worn older ones.That process requires a relatively long build-up, and is why the notes will only be issued in mid-2024 - many months after, according to the Bank of England's chief cashier.
The Royal household has given guidance encouraging such a move, rather than a wholesale switch, in order to minimise the environmental and financial impact of the change. Where better to test the appetite for embracing the new Charles banknotes than at The King's Head, in Chipping Ongar. The pub has a rich history of its own, named as such because King James II is said to have stayed at a coaching inn on the site during his reign.
"They just started using their phones more, their watches more, their credit cards. They just found them easier to use, and they have stuck with it. People have got used to that way of life."Sarah John, from the Bank of England, said: "There are still a lot of people who rely on cash for their day-to-day spending. It might not be obvious to everyone, but it is still really important that they have cash available when they really need it.
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