The Bank of England will debut banknotes featuring King Charles' portrait on June 5, marking the first time his image will appear on all denominations (£5, £10, £20, and £50). These notes will retain existing designs with the sole addition being King Charles' portrait.
Polymer notes with Queen Elizabeth II's portrait will remain legal tender alongside the new King Charles III notes. The issuance of the new banknotes will be limited to replacing worn-out notes and meeting increased demand.
In line with guidance from the Royal Household, the Bank of England will print new King Charles banknotes only to replace worn-out ones and meet increased demand. This approach aims to minimise environmental and financial impact, ensuring a gradual introduction of the new notes into circulation.
These notes will prominently feature the King's portrait on the front and include a cameo of him in the see-through security window. While the June 5 circulation will introduce the monarch's new portrait, the reverse side of each note will remain consistent with the current series. Presently, Sir Winston Churchill graces the £5, Jane Austen the £10, JMW Turner the £20, and Alan Turing the £50.
People will be able to exchange Queen Elizabeth II banknotes for King Charles banknotes through the Bank of England, although certain restrictions will apply. The Bank said further details about this will be provided closer to the time.