King Charles III banknotes to enter circulation in months as date revealed

Banknotes carrying a portrait of the King will be issued for the first time on June 5, the Bank of England has said.

The portrait of Charles will appear on existing designs of all four banknotes (£5, £10, £20 and £50), with no other changes to the existing designs. Polymer banknotes featuring the portrait of the late Queen Elizabeth II will remain legal tender, and will co-circulate alongside the King Charles III notes.

The new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes. The Bank of England said its approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change.

This means that people will start to see the new King Charles banknotes in their wallets very gradually.

Images of the new King Charles banknotes were first unveiled in December 2022. The King's image will appear on the front of the banknotes, as well as in cameo in the see-through security window.

Although the notes that enter circulation on June 5 will feature a new portrait of the monarch, the reverse side of each note will remain unchanged. The current series of banknotes features Sir Winston Churchill on the £5, Jane Austen on the £10, JMW Turner on the £20 and Alan Turing on the £50.

People will be able to exchange Queen Elizabeth II banknotes for King Charles banknotes through the Bank of England, although certain restrictions will apply. The Bank said further details about this will be provided closer to the time.

A series of charity auctions of low-serial numbered notes will also be held over the summer at Spink & Son. Money raised will be donated to charity. More details will be made available on the Spink & Son