Bank of England confirms King Charles banknotes will enter circulation in June

Banknotes carrying the portrait of King Charles Credit: Bank of England/PA

Banknotes carrying the portrait of King Charles will begin circulation on June 5, the Bank of England has announced.

The portrait of the King will appear on existing designs of all four banknotes (£5, £10, £20 and £50), with no other changes to the existing designs.

Polymer banknotes that feature the portrait of Queen Elizabeth II will remain legal tender, and will co-circulate alongside the King notes.

King Charles III will be the second ever monarch to appear on Bank of England notes.

Images of the new King Charles banknotes were first unveiled in December 2022.

The reverse side of the banknotes will remain unchanged. Credit: PA

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.

Although the notes that enter circulation on June 5 will feature a new portrait of the monarch, the reverse side which features the likes of Sir Winston Churchill (£5) & Jane Austen (£10) will remain unchanged.

Images of the new King Charles banknotes were first unveiled in December 2022. Credit: PA

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, the Bank said.

Coins bearing the official effigy of the King first appeared in circulation in post offices around the UK from December 2022.

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