Fresh banknotes with King Charles III enter circulation

 The Bank of England allows individuals to swap small amounts of current or older banknotes for the newly issued King Charles notes.

King Charles III (left) is presented with the first bank notes featuring his portrait from the Bank of England Governor Andrew Bailey and Sarah John, the Bank of England's Chief Cashier, at Buckingham Palace, April 9, 2024 in London, England. [Getty Images]

Banknotes featuring a portrait of King Charles III has been introduced for the first time on Tuesday, June 5, 2024.

His portrait will be added to the current designs of all four banknotes (£5, £10, £20, and £50), with no other design alterations.

Polymer banknotes with the portrait of the late Queen Elizabeth II will still be legal tender and will circulate alongside the new King Charles III notes.

The new banknotes will be produced only to replace worn-out notes and to accommodate any overall increase in demand for banknotes.

This strategy aligns with the Royal Household’s guidance to minimise environmental and financial impacts, meaning the public will gradually start to see the new King Charles III notes.

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 demands them. Bringing these new notes into circulation is a demonstration of that commitment.”

Note exchanges

Meanwhile, the Bank of England allows individuals to swap small amounts of current or older banknotes for the newly issued King Charles notes. This exchange service will be available briefly starting from June 5, 2024.

Those interested can make the exchange using either in-person or postal options. Additional information can be found on the King Charles III banknotes webpage.