New issue

King Charles in the money as banknotes released

Take note: King Charles is the new face of banknotes

Banknotes carrying a portrait of King Charles III will be issued for the first time today, and will appear on £5, £10, £20 and £50 notes with no other changes to the existing designs.

Polymer banknotes that feature the portrait od Queen Elizabeth II will remain legal tender, while the new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes.

This approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change. It means the public will begin to see the new King Charles III notes only gradually.

The total value of notes in circulation in the UK has tended to increase over time with growth driven in recent years by the £20 and £50 note. The Bank of England measures the value of notes in circulation on the last day in February each year.

Bank of England governor Andrew Bailey said: “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.”

Anyone who want to exchange a limited value of current or old series notes for King Charles notes will be able to do so. A banknote exchange service will be available in person or by post through the Bank of England, for a short time from 5 June.

A series of charity auctions of low-serial numbered notes will be held over the summer at Spink & Son. In addition to the auctions, members of the public will be able to enter a ballot to purchase a set of notes.

The money raised will be donated to charity.

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