Bank of England: New banknotes featuring King Charles III to be issued for the first time on June 5

Banknotes carrying a portrait of the King will be issued for the first time on June 5, the Bank of England has said. These new notes will retain the existing designs of £5, £10, £20, and £50 denominations, with the only alteration being the inclusion of King Charles's portrait

Despite the introduction of these new notes, polymer banknotes displaying the late Queen Elizabeth II's portrait will remain legal tender and circulate alongside the new King Charles III notes. The new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes.

The Bank of England said its approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change, meaning people will start to see the new King Charles banknotes in their wallets very gradually.

First revealed in December 2022, the King's image will feature prominently on the front of the notes and subtly in the see-through security window. While the portrait on the notes will change, the reverse side will remain unaltered.

Currently, the banknote series showcases Sir Winston Churchill on the £5, Jane Austen on the £10, JMW Turner on the £20, and Alan Turing on the £50. The Bank of England will provide details closer to the implementation date regarding the exchange of Queen Elizabeth II banknotes for King Charles banknotes, subject to certain restrictions.

Coins featuring the official effigy of the King started circulating in post offices across the UK in December 2022 while Queen Elizabeth II's portrait first appeared on a Bank of England £1 note issued in 1960.