The first bank notes bearing the image of King Charles III have been unveiled by the Bank of England. The portrait of the new monarch will be the only change to existing designs of £5, £10, £20 and £50 notes.
Queen Elizabeth II was the first and only monarch to appear on circulating Bank of England banknotes, starting in 1960. Notes issued by banks in Scotland and Northern Ireland do not depict the monarch.
The new notes will feature the King’s portrait on the front and in the see-through security window. Existing notes will still be accepted in shops, even after the new notes begin to circulate.
Speaking ahead of the release of the notes, Governor Andrew Bailey said: “I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III.
“This is a significant moment, as The King is only the second monarch to feature on our banknotes. People will be able to use these new notes as they start to enter circulation in 2024.”
Fifty pence coins bearing King Charles III’s likeness have already entered circulation via post offices across England. An estimated 4.9 million of the new coins are being distributed to post offices to be given in change to customers.
When do the new King Charles III bank notes go into circulation?
The new notes featuring King Charles III’s portrait are expected to enter circulation by mid-2024.
Can I still use my old bank notes?
All polymer banknotes carrying a portrait ofQueen Elizabeth II remain legal tender and the public can continue to use these as normal, the Bank of England confirmed.
In order to minimise the environmental and financial impact of this change, new notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes. Notes featuring Queen Elizabeth II and King Charles III will therefore co-circulate.