Banknotes carrying a portrait of King Charles III have been issued for the first time today (5 June 2024).
The portrait of the King will appear on existing designs of all four banknotes (£5, £10, £20 and £50), with no other changes to the existing designs.
Images of the King Charles III banknotes were originally unveiled on 20 December 2022.
Polymer banknotes that feature the portrait of Her late Majesty Queen Elizabeth II will remain legal tender, and will co-circulate alongside King Charles III notes.
(Images: Bank of England)
The bank of England say the new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes. The bank say this approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change. This means people will begin to see the new King Charles III notes very gradually.
Speaking on issue day, the Bank of England’s Governor Andrew Bailey said: “We’re very pleased to be issuing the new King Charles banknotes. This is a historic moment, as it’s the first time we’ve changed the sovereign on our notes. We know that cash is important for many people, and we are committed to providing banknotes for as long as the public demand them. Bringing these new notes into circulation is a demonstration of that commitment.”
Anyone who wants to exchange a limited value of current or old series notes for King Charles notes will be able to do so the bank of England have revealed.
A banknote exchange service will be available in person or by post through the Bank of England, for a short time from the 5 June 2024 issuance date.
A series of charity auctions of low-serial numbered notes will be held over the summer at Spink & Son.
In addition to the auctions, members of the public will be able to enter a ballot to purchase a set of notes. The money raised will be donated to charity.
(Lead image: Bank of England)
