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Banknotes, featuring a portrait of King Charles III have been issued for the first time today. The portrait of the King will appear on existing designs of all four banknotes (£5, £10, £20 and £20), with no other changes to design.
Banknotes featuring the portrait of her Majesty Queen Elizabeth II will remain legal tender, and are co-circulating alongside King Charles III banknotes.
The public will begin to see the new King Charles III banknotes very gradually. This is because 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.
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.
For more information on the King Charles banknotes, please see here: https://bankofengland.co.uk/banknotes/king-charles-banknotes
What this means for your business
You can check these banknotes in the same way you can check your polymer banknotes featuring Queen Elizabeth II. The design of the banknotes remains the same as the banknotes featuring Queen Elizabeth II. The King’s image will appear on the front of the banknotes, as well as in the see-through security window.
You will still be able to use and accept polymer banknotes that feature the portrait of Queen Elizabeth II. Banknotes featuring Queen Elizabeth II and King Charles III are in circulation at the same time.
Can I exchange current or old series banknotes for the new King Charles III banknotes?
Banknotes featuring the portrait of Queen Elizabeth can continue to be used, so there is no need to exchange current banknotes for the new King Charles III banknotes.
Information and training materials
Our free training materials on best practice for checking banknotes have been updated to also include the new King Charles III banknotes. They are all available on our website: www.bankofengland.co.uk/banknotes/counterfeit-banknotes/how-to-check-your-banknotes
