King Charles III Banknotes Enter Circulation on 5 June 2024
Today marks the first issuance of banknotes featuring a portrait of King Charles III. His portrait appears on the existing designs of all four denominations (£5, £10, £20, and £50), with no other changes to the design.
Banknotes with the portrait of Her late Majesty, Queen Elizabeth II, will remain legal tender and will co-circulate with the new King Charles III banknotes.
The public will start to see the new King Charles III banknotes gradually. This gradual introduction is due to the fact that new banknotes will only be printed to replace worn ones and to meet any increase in demand. This approach follows the Royal Household’s guidance to minimize environmental and financial impacts.
Bank of England Governor Andrew Bailey commented:
“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.”
Can I Exchange Current or Old Series Banknotes for the New King Charles III Banknotes?
Banknotes featuring the portrait of Queen Elizabeth II will continue to be valid, so there is no need to exchange your current banknotes for the new King Charles III banknotes.
However, we acknowledge that some people may be eager to see the new banknotes. To accommodate this interest, we have set up temporary facilities allowing people to obtain a limited amount of the new notes.
You can obtain the new King Charles III banknotes through our postal exchange service. Send your current or old series banknotes, along with a completed application form, and we will return King Charles III banknotes to you. This service is only available for UK addresses.
This service will be available until 30 June 2024, with a limit of £300 per customer. Applications should be made using the form provided on our website.
The Bank of England counter at Threadneedle Street will issue new King Charles III banknotes from 5 June to 11 June 2024. This service is open to both UK and non-UK residents, with a limit of £300 per customer. Any exchanges exceeding £300 during these dates will receive banknotes featuring Queen Elizabeth II.
Please be aware that high volumes of customers and long wait times are expected during this period. For exchanges of old series banknotes exceeding £300, we strongly recommend avoiding these dates.
From 12 June 2024, the Bank’s counter will return to issuing Queen Elizabeth II banknotes only.
