The Bank of England has today unveiled the design of the King Charles III banknotes, which are expected to enter circulation by mid-2024.
All polymer banknotes carrying a portrait of HM Queen Elizabeth II will remain legal tender, with new notes only printed to replace worn banknotes and to meet any overall increase in demand for banknotes. This means notes featuring the Queen and King Charles III will co-circulate.
The new notes will see the portrait of The King appear on existing designs of all four polymer banknotes (£5, £10, £20 and £50), with no other changes to the existing designs.
The King’s image will appear on the front of the banknotes, as well as in cameo in the see-through security window.
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.”
The unveiling of the banknote design follows the first coin design, which was revealed to the public in September. The King’s portrait was to first appear on a £5 coin and 50p coin commemorating the late Queen Elizabeth II, with the 50p coin then entering circulation. Coins bearing the effigy of the Queen also remain legal tender and in active circulation.