Bank of England to roll out new banknotes in June
BANKNOTES carrying the portrait of King Charles III will be issued for the first time on 5 June, the Bank of England has confirmed.
The portrait of the monarch will appear across all four banknotes – £5, £10, £20 and £50 – with no other changes to come to the existing designs.
The reverse side of the notes will continue to feature former Prime Minister Winston Churchill on the £5 note, author Jane Austen on the £10, Romantic painter JMW Turner on the £20 and WWII scientist Alan Turing on the £50 note.
The Bank of England has confirmed that polymer banknotes featuring the portrait of Her late Majesty Queen Elizabeth II will remain legal tender and will co-circulate alongside the new notes.
Members of the public will still be able to exchange the notes featuring the late Queen will be able to exchange this tender to ones featuring King Charles III for a short time after they enter circulation.
The King’s new banknotes were first revealed in December 2023 and, in line with guidance from the Royal Household, the new notes will only be printed to replace worn banknotes and meet any overall increase in demand. This is to minimise any environmental and financial impact the change will create.
Speaking ahead of the release, Governor Andrew Bailey said: “I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III.
“This is a significant moment, as The King is only the second monarch to feature on our banknotes. People will be able to use these new notes as they start to enter circulation in 2024.”
