The Bank of England disclosed on Wednesday that banknotes featuring a portrait of King Charles III will be introduced into circulation in the UK starting from June 5.
The 75-year-old British monarch’s image will be incorporated into the existing designs of all four denominations – GBP 5, 10, 20, and 50. No alterations will be made to the current designs, and polymer banknotes showcasing the portrait of the late Queen Elizabeth II will continue to be legal tender, coexisting alongside the newly introduced King Charles III notes.
The central bank clarified that the new banknotes will only be printed to replace worn-out notes and to meet any overall increase in demand, adhering to guidance from the Royal Household to minimize environmental and financial impact.
“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,” the Bank of England said in a statement.
The recently unveiled portrait design features King Charles III on the front of the banknotes, including a cameo in the see-through security window, while the reverse side remains unchanged. The current Series G of UK banknotes features Winston Churchill, Jane Austen, JMW Turner, and Alan Turing on the 5-pound, 10-pound, 20-pound, and 50-pound notes, respectively.
The British public will have the opportunity to exchange a limited value of current or old series notes for the new King Charles III notes through the central bank for a brief period starting from the June 5 issuance date, with details of the process to be revealed in due course.
Additionally, a series of charity auctions of low-serial numbered banknotes will be conducted at the Spink & Son auction house in the coming months. Alongside the auctions, the public will be able to enter a ballot to purchase a set of notes, with the funds raised directed towards charitable causes.
