Starting from June 5, banknotes adorned with the portrait of King Charles will make their debut in the wallets of Britons.
Newly issued notes will showcase the likeness of the King across all four denominations – £5, £10, £20, and £50. While banknotes featuring Queen Elizabeth II will remain legal tender, they will coexist alongside the newly introduced King Charles notes.
The Bank of England revealed that the issuance of new notes will occur selectively, primarily to replace worn-out notes and meet an overall rise in demand.
This phased rollout aims to minimize the environmental and financial impact of updating the notes, ensuring a gradual introduction to the public.
Unveiled in December, the new designs maintain the existing layout, introducing King Charles’ portrait on the front and within the see-through security window on the back.
The Bank of England clarified that the replacement process will be executed with consideration for sustainability.
The transition will not render existing Queen Elizabeth II notes obsolete, and the co-circulation of both designs is expected. The Bank of England also announced that a limited quantity of “current or old series notes” could be exchanged for the new versions shortly after their issuance in June, with further details to be provided at the time.
In addition to the regular circulation, a charity auction for a series of the new notes with “low-serial numbering” will be conducted by Spink & Son over the summer.
Coins featuring King Charles’ face were introduced into circulation in August of the previous year, with nearly five million 50p coins commemorating the monarch’s coronation released.
