London, 22 February 2024 – The Bank of England has announced that the first banknotes featuring King Charles III will be released on 5 June. This marks a significant moment in British history as it will be the first time that banknotes will bear the portrait of the new monarch.
New Designs and Denominations
The new banknotes, made of polymer, will come in denominations of £5, £10, £20, and £50. The design of the banknotes will feature the likeness of King Charles III, replacing the previous design featuring Queen Elizabeth II. The Bank of England unveiled the new designs more than a year ago, and they have been eagerly anticipated by the public.
Gradual Rollout and Co-circulation
The transition to the new banknotes will be gradual, with the Bank of England emphasizing a careful and measured rollout over time. This approach aims to minimize both the environmental and financial impact of the transition. The existing banknotes featuring Queen Elizabeth II will still remain legal tender and will co-circulate alongside the new King Charles III notes.
Ensuring Acceptance by Businesses
The Bank of England has issued a warning to businesses, urging them to ensure that their machines are ready to accept the new banknotes featuring King Charles III. This includes updating cash registers, ATMs, and other payment systems to ensure a smooth transition.
Exchange and Auction
The Bank of England has also announced that a limited amount of “current or old series notes” can be exchanged for the new versions shortly after they are issued in June. More details about the exchange process will be released closer to the date. Additionally, a charity auction for a run of the new banknotes with low-serial numbers will be held over the summer by Spink & Son.
The release of the first UK banknotes featuring King Charles III on 5 June is a significant event in British history. The new banknotes, made of polymer, will gradually replace the existing banknotes featuring Queen Elizabeth II. Businesses are urged to ensure their machines are ready to accept the new banknotes, and a limited exchange process will be available for those who wish to obtain the new versions. The Bank of England aims to minimize the environmental and financial impact of the transition while providing the public with a fresh representation of the monarchy on their currency.