The Bank of England has confirmed that starting from June 5th, new banknotes carrying the portrait of King Charles III will be issued. The design of the notes will include the portrait of the King on the front, while the existing designs of all four banknotes (£5, £10, £20, and £50) will remain unchanged.
In an effort to minimize environmental and financial impact, the new banknotes will only be printed to replace worn-out notes and to meet any overall increase in demand. This will ensure a gradual integration of the King Charles banknotes into the existing currency in circulation.
Contrary to previous reports, the polymer banknotes featuring the portrait of the late Queen Elizabeth II will continue to be legal tender and will co-circulate alongside the newly introduced King Charles III notes. This dual circulation will provide a seamless transition period for the public to adapt to the new banknotes.
The Bank of England’s decision is in line with guidance from the Royal Household. By printing new banknotes selectively and avoiding a complete replacement of the existing ones, the Bank aims to reduce both the environmental impact of the transition and the financial cost that would result from a full-scale replacement operation.
Come June 5th, people can expect to gradually start seeing the new King Charles banknotes find their way into their wallets, marking the beginning of a new era in UK currency. The unveiling of the banknote designs in December 2022 gave a glimpse of what to anticipate, and soon everyone will be able to use these notes in their daily transactions.