British banknotes featuring King Charles III enter circulation

Banknotes featuring King Charles III entered circulation in the United Kingdom on Wednesday.

The Bank of England said Charles is only the second monarch, after his late mother, Queen Elizabeth II, to appear on banknotes issued by the BoE. It’s also the first time the bank has changed the monarch on its notes.

Images of the new banknote were first announced in 2022.

Charles’ portrait appears on notes of £5, £10, £20 and £50. Meanwhile, the rest of the design will remain the same as the current notes that feature the late Queen Elizabeth II on their fronts.

The change won’t happen overnight. The Bank of England said in a press release that it expects the new notes to “enter circulation very gradually.” Fans of Charles can also exchange old banknotes for the new ones for a limited time, the Bank of England said.

The bank said there will be a series of charity auctions for low-serial-numbered notes over the summer at auction house Spink & Son.

Fewer Brits are using cash. The British Retail Consortium in 2023 reported an increase in cash usage for the first time in a decade, making up about 19% of total transactions. Cards had still made up the overwhelming proportion of money spent, at 85%.

CNN’s Lauren Kent contributed to this report.

For more CNN news and newsletters create an account at CNN.com