Aysu Biçer
05 June 2024•Update: 05 June 2024
LONDON
New banknotes bearing the portrait of King Charles III have officially entered circulation, marking a significant milestone in British currency history.
This is the first time a new monarch has appeared on Bank of England notes since Queen Elizabeth II, who made her debut on the currency in 1960.
The transition to the new notes will be gradual.
The existing banknotes featuring Queen Elizabeth II will remain valid and will be replaced only as they become damaged or when demand for cash increases.
The portrait of the king will appear on existing designs of all four banknotes (£5, £10, £20 and £50), with no other changes to the existing designs.
The reverse sides of the current polymer notes, which feature notable historical figures such as Sir Winston Churchill, Jane Austen, JMW Turner, and Alan Turing, will remain unchanged.
It is important to note that banknotes issued in Scotland and Northern Ireland feature different images and do not depict the monarch.
The introduction of the new banknotes has been a meticulously planned process.
The first notes were printed last year to allow sufficient time for automated cash machines to be updated with the new designs. King Charles III’s portrait on the banknotes is based on a photograph taken in 2013.
In a tradition upheld by the monarchy, King Charles III received a full set of the new banknotes with the lowest serial numbers.
Collectors often seek banknotes with serial numbers as close to 00001 as possible, making these early issues particularly valuable.
"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," Bank of England Governor Andrew Bailey said, highlighting the historic nature of this change.
