Good Grief! Money Changes Hands Among Royals

LONDON (CBS) Now here is some groundbreaking news: Prince William is the first member of the royal family to actually handle cash - the multi-colored banknotes with his grandmother's picture on them.

Since the reign of Queen Elizabeth I, the British Royal Family has let its retainers carry the money. In those days, coins were thought to harbor germs and insects and the flame-haired virgin queen wanted no part of that.

Since the 1500s, it has become accepted that no member of the royal household carries cash. They all have royal guards, but even they do not always have money on them. It has never been a problem until now.

But now we learn that Prince William has been known to "borrow" some money from his girlfriend Kate Middleton, when he goes to the market to pick up groceries to take back to the holiday cottage they share.

Keen to be seen as a "modern" royal, Prince William says Middleton keeps him in touch with the real lives of his countrymen. That's one reason why the two live together with only his security detail and no other servants. And without servants to do the marketing, the prince needs to handle cash.

It apparently has rubbed off on the prince's father, Prince Charles, and his wife, Camilla, the Duchess of Cornwall. The couple has been given money of late for making donations when attending church.

But among the other older royals, the cash-less policy continues. That's what the "ladies in waiting" are there for.

This story was filed by CBS News entertainment contributor Neil Sean in London.