NEW ERA OF CURRENCY: King Charles III banknotes enter circulation

Image credit: Bank of England

For the first time in history, banknotes featuring King Charles III have been issued.

From 5 June 2024, the King’s portrait will appear on the existing designs of all denominations, namely £5, £10, £20, and £50 notes.

The introduction of King Charles III’s image will not alter the current design of the banknotes. Instead, it will be an addition to the familiar look that Britons have grown accustomed to.

Polymer banknotes bearing the portrait of Queen Elizabeth II will remain legal tender and will continue to circulate alongside the new notes. The Bank of England will only produce the new banknotes as replacements for worn notes and to accommodate any rise in demand.

This phased approach aligns with recommendations from the Royal Household, aimed at reducing environmental and financial impacts. As a result, the public can expect to see the new notes appearing gradually over time.

Andrew Bailey, the Bank of England’s Governor, 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.”