The Bank of England (BoE), the UK’s central bank, has unveiled the new look for banknotes featuring the portrait of King Charles III on 20 December, 2022.
The image of the King, which will appear on the front of the notes and in the see-through security window, will be the only change to existing designs of £5, £10, £20, and £50 polymer banknotes. BoE expects the new notes to enter circulation by mid-2024 and until then, the current polymer banknotes featuring the portrait of Queen Elizabeth II can be used. Banknotes featuring the Queen and King Charles III will be in circulation at the same time.
Governor of BoE Andrew Bailey says, “I am very proud that the Bank is releasing the design of our new banknotes which will carry the portrait of King Charles III. This is a significant moment, as the King is only the second monarch to feature on our banknotes.” Prior to that, Queen Elizabeth II was the first and only monarch to consistently appear on BoE banknotes since 1960.
In line with the guidance from the Royal Household, the new banknotes will only be printed to replace those that are worn and to meet any overall increase in demand, in order to minimize the environmental and financial impact of the change.
50 pence coins bearing the image of King Charles III are already in circulation via post offices across the country. An estimated 4.9 million of the new coins are being distributed to post offices to be given as change to customers. Meanwhile the existing coins bearing the image of the late Queen will continue to be used.
