The Bank of England (BofE) has confirmed that banknotes bearing the likeness of the UK’s sitting monarch, King Charles III, will enter circulation on 5 June 2024.
An update from the central bank this morning announced that images of King Charles will appear on all four paper banknotes – the £5, £10, £20 and £50 denominations.
There will be ‘no changes to the existing designs’, the bank added, and existing notes featuring the likeness of former monarch Queen Elizabeth II will remain legal tender.
“The new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes,” the BofE’s statement read.
“Our 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.”
Once the notes enter circulation, a short time window will be open for members of the public to exchange ‘limited value of current or old series notes’ for new notes featuring the current monarch.
Additionally, Spink & Son – a London auctioneers which specialises in sale of coins and banknotes – will hold a series of auctions of low-serial numbered notes over the summer this year, with a ballot also due to open for purchasing of new notes. Proceeds will be donated to charity.
King Charles was crowned on 6 May 2023, although his reign began on 8 September 2022 upon the death of his mother, Queen Elizabeth II. The design of the new banknotes was unveiled on 20 December 2022 by the BofE.
Upon the introduction of the notes, the UK could be governed by a new political administration, with PM Rishi Suank hinting that an election is highly likely this year. The government has until 25 January 2025 to call an election before a ballot becomes mandatory.
Additionally, economic change could also be well underway by this point and the value of products customers will buy with the new King Charles banknotes could have once again change, with the UK’s inflation rate currently standing at 4% – twice the BofE’s ideal target rate of 2% – and the country recently confirmed to be in recession.
