Banknotes featuring the King’s portrait are being issued today, marking the first time that the sovereign has been changed on the Bank of England’s notes.
The new banknotes will co-circulate alongside those featuring Queen Elizabeth II.
The portrait of Charles is appearing on all four banknotes – the £5, £10, £20 and £50 – with no other alterations to the existing designs.
However, people may only start to see the new notes appear in their change very gradually.
Several Post Offices in London are issuing the new notes today, while they can also be picked up at the Bank of England.
People were queueing at the Bank of England this morning to exchange their old notes for the ones featuring the King’s portrait.
The queue has started building up outside the Bank of England to get the first of the King Charles III banknotes this morning. pic.twitter.com/bb3LFQeVqo
— ianVisits (@ianvisits) June 5, 2024
One person posted a picture of the early-morning queue on X, formerly Twitter, as they went to exchange their notes.
IanVisits wrote: “That was actually silly good fun.
“Once the doors open, theres the usual security checks and then straight into the bank counter where they'll swap your old banknotes for equivalent new ones.
“The queue is quite short (at the moment) so if you fancy doing something a bit different, they will swap up to £300 of QEII banknotes for CRIII equivalents for the next five days.
“Just bring the notes and proof ID.“And you get to see a small bit of the grand interior of the @bankofengland as well.”
That was actually silly good fun.
— ianVisits (@ianvisits) June 5, 2024
Once the doors open, theres the usual security checks and then straight into the bank counter where they'll swap your old banknotes for equivalent new ones.
The queue is quite short (at the moment) so if you fancy doing something a bit… pic.twitter.com/qvkK7g2EVz
There are more than 4.6 billion Bank of England notes in circulation, worth about £82 billion.
In line with guidance from the Royal Household, the new notes will only be printed to replace those that are worn, and to meet any overall increase in demand.
The approach aims to minimise the environmental and financial impact of the change.
Bank of England Governor Andrew Bailey said: “We’re very pleased to be issuing the new King Charles banknotes.
“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. Bringing these new notes into circulation is a demonstration of that commitment.”
In April, Charles was presented with the first banknotes bearing his portrait.
He praised them as “very well designed” and expressed his surprise at being only the second monarch to feature.
Although the Bank of England started to produce banknotes in the 17th century, Charles’s mother, Queen Elizabeth II, was the first British sovereign to be given the honour in 1960 on a £1 paper note.
People will be able to snap up the new-look currency at selected Post Office branches.
One of the branches where the new banknotes are being made available is situated in Poundbury in Dorset, an area reflecting the King’s architectural principles.
Work started on Charles’s classically inspired extension to the Dorset town of Dorchester in the 1990s, to create an urban quarter of Dorchester where commercial buildings were mixed with residential areas, shops and leisure facilities for a walkable community.
The chosen Post Offices will initially have £5, £10 and £20 denominations of the new banknotes.
Thousands of Post Offices will receive the new-look currency over the coming days and weeks.
Krishna Thakeria, branch manager at the Broadway Post Office in central London, which is also stocking the new banknotes, said: “The new-look notes hold a special significance for us at Broadway Post Office, given our proximity to Buckingham Palace and the historic Cabinet War Rooms.”
Banknotes featuring King Charles III will be issued from 5 June. Notes featuring Queen Elizabeth II will remain legal tender and will co-circulate with the King Charles III notes.
— Bank of England (@bankofengland) April 15, 2024
Find out more here: https://t.co/5F8RcGsntU pic.twitter.com/rOvdDiEvYY
Recent figures from Post Office revealed a significant increase in cash transactions at its branches in April, with cash deposits and withdrawals across counters totalling a record £3.48 billion.
Ross Borkett, banking director at the Post Office, said: “This historic launch of the new banknotes featuring King Charles III comes as we experience the highest levels of cash withdrawals and deposits in Post Office branches.
“We’re pleased to be able to mark this day by giving people the opportunity to withdraw the new notes from our branches.”
Collectors and the general public will also be able to puchase the new bank notes at a charity auction hosted by Spink & Son on behalf of the Bank of England.
The auction will take place on June 13 for a lot of 122 £5 notes, followed by an auction for £10 notes on June 27, according to MailOnline. The £20 and £50 pound note auctions will take place on July 11 and 25 July 25 respectively.
While banknotes featuring Queen Elizabeth II remain legal tender and there is no need to exchange them, people who are interested to see the new banknotes can now get their hands on them.
Where can you get the new banknotes in London?
Here are the locations and postcodes in London for the Post Office branches where the notes will be available first on launch day
The City of London, EC2M 5TE
Moorgate, EC2M 5TE
Broadway, SW1H 0AX
Houndsditch, E1 7BS
Old banknotes can also be exchanged for the new ones featuring the King’s portrait at the Bank of England
The Bank of England has put temporary facilities in place to allow people to obtain a limited amount of the King Charles III banknotes.
It has set up a postal exchange service, running from June 5 to 30, up to a limit of £300 per customer. An application form and further details are on the Bank of England’s website.
The Bank of England counter at Threadneedle Street in central London will also be issuing new notes featuring the King from June 5 to 11 and the same limit of £300 per customer applies.
Visitors to the Bank of England Museum have been able to catch a first glimpse of the new banknotes, before they entered circulation, in its Future Of Money exhibition.
Graham Mott, director of strategy at ATM and cash access network Link, said: “While more people are paying for things online or using contactless cards, cash use remains popular, with over 70% of adults spending cash at least once a fortnight.
“As King Charles III banknotes begin to enter circulation, they will steadily be available through all cash machines as worn notes are withdrawn.”
A recent survey for Link indicated that nearly half (48%) of people expect to see a cashless society in their lifetime.
But, according to Link’s data, the average UK adult still withdrew around £1,500 from cash machines last year.
In 2023, legislation was passed as part of the Financial Services and Markets Act, to protect access to cash.
