Cash is King: One in four Brits want to get hold of new King Charles banknotes

As the banknotes featuring a portrait of King Charles III entered into circulation on Wednesday, over a quarter of the nation said they want to get hold of the new-look currency, a survey revealed.

The launch of the new banknotes is a historic moment as it is only the second time a monarch has been featured on a note, as previously banknotes have only used a portrait of Queen Elizabeth II. The portrait of the King will appear on all four banknotes (£5, £10, £20 & £50).

Post Office undertook a study to coincide with the new look notes which found that 28 per cent of people surveyed wanted to get hold of one of the new banknotes.  

The findings also highlight a fifth (19 per cent) of Brits are more likely to get cash out as a result of the introduction of the King Charles notes. Wanting to be a part of a huge moment in history (51 per cent), the excitement of being one of the first to get one of the new notes (38 per cent), and wanting to collect it as a memento (32 per cent) are cited as the main reasons for wanting to withdraw the new-look notes.  

Nearly a third (31 per cent) said they were pleased the tradition to use the image of a monarch on notes is continuing and a quarter (25 per cent) said they find it satisfying to hold a fresh, brand new bank note. 

The rollout of the new notes will be gradual and staggered and only a selection of post offices across the country will stock the new currency today with chosen post offices initially providing £5, £10 and £20 notes. Thousands of post offices will receive the new-look currency over the coming days and weeks.

Karen Stonham, branch manager at the Portsmouth Post Office, and Krishna Thakeria, branch manager at the Broadway Post Office in central London, experience the daily demand in their local communities for cash, with many customers coming in to withdraw or deposit it, while using Post Office’s Everyday Banking services available. The branches are two of the first to have the new-look notes available for customers to withdraw, and for Stonham it conveniently coincides with King Charles visiting Portsmouth to mark the beginning of the D-Day commemorations.

“The launch of the new-look banknotes featuring King Charles is an exciting moment for us at Portsmouth Post Office,” Stonham said.

“Our local customers come into our branch every day to withdraw or deposit cash for their daily needs, so we were excited to be one of the first branches to have the new banknotes available. It’s been a significant day for Portsmouth, with the King also in the area for the D-Day anniversary celebrations.”

Thakeria added: “People come to us every day to withdraw or deposit cash in branch but today is particularly special as we are lucky enough to be one of the first post offices in the country to be able to provide customers with the new-look King Charles III banknotes.

“We are delighted to be able to offer customers a chance to get their hands on these new designs from the day they launch. Not only that but the new-look notes hold a special significance for us at Broadway Post Office, given our proximity to Buckingham Palace and the historic Cabinet War Rooms, which hold strong connections to Winston Churchill who continues to feature on the reverse of the £5 note.”

The latest data from Post Office has further revealed a significant increase in cash transactions at Post Office branches in April, with cash deposits and withdrawals across the counter totalling £3.48 billion across 11,500 branches, their highest levels ever.

Ross Borkett, banking director at Post Office, said: “This historic launch of the new banknotes featuring King Charles III comes as we experience the highest levels of cash withdrawals and deposits in post office branches. We’re pleased to be able to mark this day by giving people the opportunity to withdraw the new notes from our branches.”