The Bank of England has announced that new banknotes featuring the image of King Charles will be introduced on June 5.
The King’s portrait will be the only change to existing designs of £5, £10, £20, and £50 notes, with the new notes intended to replace damaged or worn older ones.
According to the Bank of England, the reverse side of the current polymer banknotes featuring Sir Winston Churchill, Jane Austen, JMW Turner, and Alan Turing will remain unchanged. While coins featuring the King are already in circulation, banknotes require extensive preparation before entering circulation.
Shoppers will continue to use Queen Elizabeth II banknotes alongside the new King Charles notes. Low-serial numbered notes on the new issues are expected to attract significant interest from collectors and will be auctioned at Spink & Son during the summer.
Members of the public will also have the opportunity to enter a ballot to purchase a set of notes, with proceeds from the auctions and sales donated to charity.
Additionally, individuals will be able to exchange a limited value of current or old series notes for the new King Charles notes through the Bank of England for a brief period starting from June 5.
The Bank of England clarified that the existing Queen Elizabeth II notes in circulation, amounting to 4.7 billion notes worth £82 billion, can still be used in shops even after the introduction of the new King Charles notes. The transition will occur as the older notes become unfit for use or if there is increased demand.
The Royal household has encouraged a gradual transition to minimize the environmental and financial impact of the change, aligning with the historical practice of introducing new notes alongside existing ones.
This move comes as King Charles’s preferred crown replaces Queen Elizabeth II’s favored symbol on the government’s website this month, symbolizing his role as the head of state.
