News release
Banknotes carrying a portrait of King Charles III will be issued for the first time on 5 June 2024.
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 Her late Majesty Queen Elizabeth II will remain legal tender, and will co-circulate alongside 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. This approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change. This means the public will begin to see the new King Charles III notes very gradually.
Speaking on issue day, the Bank of England’s Governor Andrew Bailey said in a press release from Bank of England:
“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 demand them. Bringing these new notes into circulation is a demonstration of that commitment.”
Note exchanges
Although the new King Charles banknotes will be available from 5 June 2024, we expect them to enter circulation very gradually.
Members of the public 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 the 5 June 2024 issuance date. Further details can be found on the King Charles III banknotes page.
Members of the public will be able to exchange Queen Elizabeth II banknotes for King Charles III banknotes through the Bank of England. This can be done in person on 5.-7., 10. and 11. June up to a limit of £300 per person.
Given the potential for long waits, they encourage use of the postal service where possible. This will be available from 5-30 June.
