IN A historic moment for the United Kingdom, banknotes featuring the portrait of King Charles III have entered circulation today (June, 5).
The new banknotes, which include the £5, £10, £20, and £50 notes, maintain the existing designs with the only change being the replacement of Queen Elizabeth II’s portrait with that of King Charles III.
This significant transition marks the first time since 1952 that a new monarch’s portrait has appeared on British banknotes.
Co-Circulation with Queen Elizabeth II Banknotes
Banknotes bearing the portrait of the late Queen Elizabeth II will continue to be legal tender and will circulate alongside the new King Charles III banknotes.
The Bank of England has stated that the introduction of the new notes will follow a natural process: they will be printed only to replace worn-out notes and to meet any increases in demand.
This strategy aims to minimise both environmental and financial impacts, adhering to guidance from the Royal Household.
Exchange and Availability
For those eager to obtain the new notes, the Bank of England has introduced temporary facilities for exchanging current or old series banknotes for the King Charles III banknotes.
From today until June, 30, people can use a postal exchange service to obtain up to £300 worth of the new notes by sending in their current banknotes along with a completed application form.
Additionally, from June, 5 to June, 11, the counter at the Bank of England on Threadneedle Street will issue new banknotes featuring King Charles III.
This service is available to both UK and non-UK residents, with a limit of £300 per customer.
Security and Access
Given the expected high volume of customers, the Bank of England has implemented several security measures.
Access to the counter will typically be restricted to the person making the exchange, and visitors are advised not to bring large bags or liquids.
Bags will be searched, and items such as bikes, scooters, and helmets are not permitted inside the building.
Starting from June, 12, the Bank’s counter will revert to issuing banknotes featuring Queen Elizabeth II only.
For those needing to exchange old series banknotes beyond this date, alternative methods are available as detailed on the Bank of England’s website.
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.”
