UK M4: sterling notes and coin
UK M4: sterling notes and coin stood at £99,441m in Aug 2026, according to Bank of England. It is one of the indicators in the Money supply and central bank balance sheet table (Value · Monthly), with a complete series running from Sep 1986 to Aug 2026. The complete series with an interactive chart, free to download.
This indicator in the Money supply and central bank balance sheet table
| Indicator | 09-2026 | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| M4 — sterling notes and coin component | 99,441 | 98,703 | 99,678 | 97,651 | 97,478 | 97,091 | 95,760 | 95,263 | 95,554 | ||
| M4 lending | 106,434 | 106,228 | 106,050 | 105,509 | 105,170 | 104,608 | 103,574 | 102,945 | 103,348 | 104,273 | |
| Notes and coin in circulation | 106,589 | 106,202 | 105,876 | 105,493 | 105,064 | 104,688 | 104,281 | 103,798 | 103,969 | 102,489 |
Understanding UK M4: sterling notes and coin
Sterling physical currency circulating outside the banking system constitutes this specific component of the broad monetary aggregate across the United Kingdom. It counts physical banknotes and coin in the hands of the public and non-bank businesses, explicitly excluding banknotes and coin lodged within commercial bank vaults or held at the central bank. While other rows capture bank accounts and interest-bearing deposits, this series isolates the unbacked tangible medium of exchange.
Seasonal patterns strongly influence physical currency usage, notably around holiday shopping periods and public holidays, necessitating seasonally adjusted comparisons. Because vault cash is excluded, shifts in retail bank branch cash-management policies can alter this figure without any underlying shift in public spending. Analysts should look at annual rates of change to filter calendar quirks, recognising that progressive adoption of digital electronic payments alters cash velocity independently of broader deposit growth.
Frequently asked questions
- Does this series include notes held inside bank branches and cash machines?
- No, it excludes cash held in bank or building society vaults, counting only notes and coins circulating outside the banking system.
- How does this M4 component differ from total notes and coin in circulation?
- Total notes and coin in circulation includes vault cash held by monetary financial institutions, whereas this series subtracts those bank holdings.
- Why do seasonal factors matter when analysing physical currency balances?
- Retail transaction demand surges during holiday seasons and public holidays, creating intra-year swings that obscure underlying trends if unadjusted.