The printing machines are running at full speed. Nevertheless, the new notes should not be put into circulation until mid-2024. There are reasons.
The new era is taking shape: millions of banknotes with the face of British King Charles III are already being issued in Great Britain. printed. In a high-security complex, the printing machines are already running at full speed and producing around six million notes in 24 hours, as the BBC reported after visiting the production facility on Friday.
However, the new bills should only be used for payment transactions in mid-2024, since many shops – for example with counters for independent payment – still have to change their software. Currently these switches can only recognize the notes with the image of Queen Elizabeth II, the Charles variant has yet to be programmed.
“There is still a lot to do,” Sarah John of the Bank of England told the BBC. It would be a few months before all devices were up to date. “We don’t want to issue any bills that people can’t use.”
Coins with the profile of Charles (74) already exist. The new means of payment are to be gradually brought into circulation and replace old ones. However, the bills and coins with the Queen who died in September remain valid and will probably be in circulation for years to come. With this gradual transition, the royal family wants to avoid an unnecessary waste of resources.
In day-to-day use, cash is becoming less and less important in Great Britain, and the pandemic in particular has given cashless forms of payment an enormous boost. In London in particular, cash is no longer accepted for payment in some places.
Source: Stern
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
