Bank of England unveils King Charles III banknotes

The Bank of England has released the design of the new King Charles III banknotes.

The portrait of The King will appear on existing designs of all four polymer banknotes – £5, £10, £20 and £50 – with no other changes to the existing designs.

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The King’s image will appear on the front of the banknotes, as well as in cameo in the see-through security window.

The new notes are expected to enter circulation by mid-2024. All polymer banknotes carrying a portrait of Queen Elizabeth II remain legal tender, and the public can continue to use these as normal.

To minimize the environmental and financial impact of this shift, new notes will only be issued to replace worn banknotes and to satisfy any overall rise in demand for banknotes, in accordance with Royal Household guidelines.

As a result, notes depicting Queen Elizabeth II and King Charles III will circulate concurrently.

Bank of England 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.”