IT may be over two years since King Charles III’s coronation – but it will still be “some time” longer until a decision on whether to introduce currency featuring his portrait in Jersey is made, according to the Treasury Minister.
Deputy Elaine Millar said this was because the Island still has a “significant stock” of banknotes with portraits of Queen Elizabeth II.
“This is due to the need for large minimum print runs, which are required to achieve value for money in a smaller jurisdiction such as ours,” she explained in reply to a question from Deputy Helen Miles.
The Bank of England started issuing banknotes featuring King Charles III in June 2024, though it stated that they would “only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes”.
Deputy Millar said that, while the introduction of a new series of notes had been “explored”, the size of the Island’s existing currency stock meant that “it shall be some time before any final decision is made on whether a new family of notes is required, and which design options may be preferred”.
“This approach ensures that unnecessary costs are avoided, and that value for money is maintained on behalf of the public,” she added.
Last year, it emerged that the number of Jersey notes being ordered by local banks each year had fallen by over £200 million since 2014.
