The King in his speech announcing the new award, stated that it would rank next to the Victoria Cross. This was second on the Order of Wear, much higher than the then existing awards for bravery not in the presence of the enemy, the highest being the two-class Albert Medal (AM); and the lowest being the single class Empire Gallantry Medal (EGM). In a substitution of awards unprecedented in the history of British decorations, holders of the EGM were required to exchange their insignia for the GC, most receiving their replacement GC at a formal investiture. The four honorary EGM awards to foreigners were not exchanged and could therefore continue to be worn. In 1971, surviving recipients of the Albert Medal and the Edward Medal (EM) became George Cross recipients, but unlike the EGM exchange of insignia, they had the option of retaining their original insignia. Of the 64 holders of the Albert Medal and 68 holders of the Edward Medal eligible to exchange, 49 and 59 respectively took up the option.