Megan Brooks
Banknotes featuring the portrait of King Charles III entered circulation on 5 June 2024. The King is the second monarch to appear on Bank of England notes, which will be fed into the system gradually. The new notes will replace damaged notes and be issued when demand increases. The first new banknotes were printed last year, with the long lead-in time allowing automated machines that accept cash to be updated to recognise the new designs.
| Characteristics | Values |
|---|---|
| Date of issue | 5 June 2024 |
| Denominations | £5, £10, £20, £50 |
| Portrait | Based on an engraving of a picture of His Majesty taken in 2013 |
| Security features | Monarch's portrait in a see-through window, hologram image change, silver foil patch, print quality, second see-through window, purple foil patch, red foil patch |
| Serial numbers | Collectors seek low serial numbers, e.g. 00001, AK47, 007 |
| Exchange service | Available in person or by post through the Bank of England from 5 June 2024 |
| Auction | Special auctions of the new banknotes raised over £900,000 for charity |
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What You'll Learn
King Charles III banknotes were issued on 5 June 2024
On 5 June 2024, the Bank of England began issuing banknotes featuring the portrait of King Charles III. These new banknotes will gradually replace those that are damaged or will be issued to meet any increase in demand for banknotes. The new notes will co-circulate with polymer banknotes featuring the late Queen Elizabeth II, which will remain legal tender.
The portrait of King Charles III will appear on the £5, £10, £20, and £50 banknotes, with no other changes to the existing designs. The first new banknotes were printed in 2023, allowing automated machines that accept cash to be updated to recognise the new designs. The Bank of England expects the new notes to enter circulation very gradually, and members of the public who wish to exchange their old banknotes for the new King Charles III banknotes can do so in person or by post.
The introduction of King Charles III's portrait on banknotes marks a historic moment as it is the first time the Bank of England has changed the sovereign on its notes. Queen Elizabeth II was the first monarch to appear on banknotes, beginning with the £1 note in 1960. King Charles III is only the second monarch to be featured on Bank of England notes.
The new banknotes feature several security features, including a see-through window with the monarch's portrait, a hologram that changes when tilted, and a silver foil patch with a 3D image of the coronation crown. The £20 and £50 notes have additional security features, such as a second see-through window and coloured foil patches.
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They will co-circulate with Queen Elizabeth II's notes
Banknotes with King Charles III's portrait entered circulation on 5 June 2024. These new banknotes will co-circulate with the existing polymer notes featuring Queen Elizabeth II. The introduction of the new notes will be gradual, with the Bank of England issuing them only to replace damaged notes or to meet an increase in demand. The new notes will be available in £5, £10, £20, and £50 denominations, with no changes to the existing designs of the reverse side. The King's portrait will appear on the front of the notes, based on an engraving of a picture of His Majesty taken in 2013.
The co-circulation of the new King Charles III notes with the Queen Elizabeth II notes ensures a smooth transition and continuity in the currency system. It allows for a gradual phasing out of the old notes while maintaining their validity and acceptance in transactions. This approach also helps to minimise the environmental and financial impact of the change, as per the guidance from the Royal Household.
The Bank of England has emphasised that cash remains important for many people, and they are committed to providing banknotes as long as there is public demand. The introduction of the new King Charles III banknotes is a testament to this commitment. The Bank has also offered an exchange service, allowing members of the public to exchange their Queen Elizabeth II banknotes for the new King Charles III notes. This exchange service was available in person or by post for a limited time after the issuance of the new notes.
The co-circulation of the two sets of banknotes is a significant and historic moment for the Bank of England, as it marks the first time they have changed the sovereign on their notes. Queen Elizabeth II was the first monarch to appear on banknotes, with her portrait introduced in 1960. Now, King Charles III becomes the second monarch to grace the Bank of England's currency.
The new King Charles III banknotes have generated interest among collectors, particularly those seeking low serial numbers or specific serial numbers with special significance. Auctions of the first printed notes have raised significant amounts of money for charity, with some notes selling for much higher than their face value. As the new notes gradually enter circulation, it may take some time before they become a common sight in everyday transactions.
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The new notes will be issued gradually
On 5 June 2024, the Bank of England began issuing banknotes featuring the portrait of King Charles III. This marked the first time the Bank of England changed the sovereign on its notes, with Queen Elizabeth II being the first monarch to appear on the banknotes in 1960. The new notes will be issued gradually, replacing damaged notes and meeting overall increases in demand for banknotes. This approach is in line with guidance from the Royal Household to minimise the environmental and financial impact of the change.
The new notes will be fed into the system gradually, and it may take some time before they are commonly seen in everyday use. The Bank of England expects the public to begin seeing the new King Charles III notes very slowly. The new notes will only be printed to replace worn notes and to meet any increases in demand for banknotes. This slow introduction is intended to provide a smooth transition and reduce potential disruptions.
The first banknotes with King Charles' portrait were issued in denominations of £5, £10, £20, and £50. These notes feature an image of the King based on an engraving from 2013 and include enhanced security features. The reverse designs of the notes remain unchanged, continuing to feature notable figures such as Sir Winston Churchill, Jane Austen, JMW Turner, and Alan Turing.
Collectors have shown great interest in obtaining the new banknotes, particularly those with low serial numbers. Auctions of the earliest King Charles III banknotes raised significant amounts for charity, with some notes selling for much higher values than their face value. The Bank of England traditionally holds back some notes with early serial numbers, donating them to those involved in the note's development or auctioning them off for charitable causes.
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The King's portrait will appear on the £5, £10, £20 and £50 notes
The Bank of England began issuing banknotes featuring King Charles III's portrait on 5 June 2024. The King's portrait will appear on the £5, £10, £20, and £50 notes, with no other changes to the existing designs. This marks the first time the Bank of England has changed the monarch on its notes, with Queen Elizabeth II being the first to appear on banknotes in 1960.
The new banknotes will gradually replace those that are damaged or will be issued when demand increases. The Bank of England expects the new notes to enter circulation slowly, and members of the public who wish to exchange their current notes for the new King Charles III banknotes can do so in person or by post. This exchange service was available for a limited time after the issuance date.
Collectors have shown great interest in the new banknotes, particularly those with low serial numbers. In August 2024, an auction of the first King Charles III banknotes raised nearly £1 million for charity, with a single £10 note selling for £17,000. The high demand for these notes reflects the significance and interest in the new monarch's currency.
The introduction of King Charles III's portrait on the £5, £10, £20, and £50 notes marks a historic moment in British currency and will gradually become a familiar sight in wallets and purses across the nation.
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The notes feature several security measures
Banknotes featuring King Charles III's portrait were issued on 5 June 2024. These new notes will co-circulate with the current £5, £10, £20, and £50 notes carrying the portrait of the late Queen Elizabeth II. The new notes will only be printed to replace worn-out notes and to meet any increase in demand for banknotes.
The Bank of England offers online banknote training and guidance to help identify fraudulent notes. They also recommend checking notes at the point of sale. The official advice is that upon suspecting a counterfeit banknote, one should visit the police, who will fill out an NCO-1 form and provide a receipt and incident number. The suspect notes will then be sent to the National Crime Agency, and if found to be counterfeit, will be sent to the Bank of England for further examination.
The Bank of England is unable to reimburse for counterfeit notes. If, after investigation, notes are found to be non-fraudulent or there is a lack of compelling evidence, the notes must be returned through various form options. The Bank of England urges anyone with information on persons suspected of using, selling, or making counterfeit banknotes to contact Crimestoppers or the police.
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Frequently asked questions
Yes, banknotes featuring the portrait of King Charles III entered circulation on 5 June 2024.
The new King Charles banknotes are available in £5, £10, £20, and £50 denominations.
The new King Charles banknotes have several security features, including a see-through window with the monarch's portrait, a hologram image that changes when tilted, a silver foil patch with a 3D image of the coronation crown, and high-quality print with sharp lines and clear colours.
Yes, members of the public could exchange their old banknotes for the new King Charles III banknotes through the Bank of England in person or by post for a limited time after the issuance date.
The new King Charles banknotes are issued by the Bank of England. Notes issued in Scotland and Northern Ireland feature other images, and not the monarch.
