Industry News

King Charles III banknotes enter circulation

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, with no other changes to the existing designs.

Polymer banknotes that feature the portrait of 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, which means the new King Charles III notes will circulate very gradually.

The Bank of England’s Governor Andrew Bailey said: “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.”

The Post Office undertook some research to coincide with the new look notes, which reveals that 19% of Brits are more likely to get cash out as a result of the introduction of the King Charles notes.

Leave a Reply

Your email address will not be published. Required fields are marked *