King Charles banknotes: Bank of England announces date new notes will enter circulation

The Bank of England has announced the date when King Charles III banknotes will be issued from.

Images of the new King Charles III banknotes were released in December 2022, with the Bank of England now confirming the exact date they are set to enter circulation.

What will the new King Charles III banknotes look like?

The portrait of the King will feature on the existing designs of all four banknotes (£5, £10, £20, and £50). The King’s image will be on the front of the banknotes, as well as in cameo in the see-through security window. Series G, the current series of banknotes, shows Winston Churchill (£5), Jane Austen (£10), JMW Turner (£20) and Alan Turing (£50) in the designs. The King Charles III banknotes will feature a new portrait of the monarch, with the reverse side of each note staying the same.

What will happen to the banknotes featuring the portrait of Her late Majesty, Queen Elizabeth II?

Queen Elizabeth II polymer banknotes can still be used as legal tender, and will co-circulate alongside the new King Charles III notes.

King Charles banknotes will only be printed to replace worn notes, and to meet any overall increase in demand for banknotes. The Bank of England’s approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of the new notes.

When will the new King Charles III banknotes enter circulation?

Banknotes featuring a portrait of King Charles III will enter circulation on 5 June 2024.

Members of the public will be able to exchange a limited value of current or old series notes for the new King Charles III notes for a short time from the 5 June 2024 issuance date through the Bank of England.

Charity auctions of low-serial numbered notes will be held over the summer at Spink & Son. Members of the public will also be able to enter a ballot to purchase a set of notes. The money raised will be donated to charity.

The Bank of England advises that if your business uses, or is responsible, for any machines that accept, sort or check banknotes, they should be updated for King Charles III banknotes.