King Charles III banknotes enter circulation (2024)

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News release

Banknotes carrying a portrait of King Charles III will be issued for the first time on 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.

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. The new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes. This approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change. This means the public 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.”

Note exchanges

Although the new King Charles banknotes will be available from 5 June 2024, we expect them to enter circulation very gradually. Members of the public who want to exchange a limited value of current or old series notes for King Charles notes will be able to do so. 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. Further details can be found on the King Charles III banknotes page.

Auction of low serial notes

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. More details will be made available on the Spink & Son website.

Notes to editors

1. Images of the King Charles III banknotes were unveiledon 20 December 2022.
2. Previously unreleased images of the King Charles banknotes can be found in this Flickr album.
3. B-roll footage of the King Charles banknotes being printed at Debden in February 2023, can be downloaded. This footage is free download and edit for broadcast.
4. Images of all Bank of England banknotes can be found on the Bank’s Flickr site. An information video about our King Charles III notes can be found on the King Charles III banknotes page.
5. The current series of banknotes(series G) features the following characters in the designs: £5 – Winston Churchill, £10 – Jane Austen, £20 JMW Turner, £50 –Alan Turing.
6. The King’s image will appear on the front of the banknotes, as well as in cameo in the see-through security window.
7. Although the notes that enter circulation on 5 June 2024 will feature a new portrait of the monarch, the reverse side of each note remains unchanged.
8. The new notes can be checked using the same security features as existingQueen Elizabeth II banknotes. More information on the specific designs and security features of these can be found at the following links: £5, £10, £20, £50.
9. Members of the public will be able to exchange Queen Elizabeth II banknotes forKing Charles III banknotes through the Bank of England. This can be done in person on 5, 6, 7, 10 and 11 June up to a limit of £300 per person. Given the potential for long waits, we would encourage use of the postal service where possible. This will be available from 5-30 June. Further information is available on the King Charles III banknotes page.
10. See images of current polymer notes and withdrawn paper banknotes.

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