Exact date when King Charles £5, £10, £20 and £50 notes will enter circulation is revealed

• Here is when exactly the portrait of King Charles will be issued for the first time on British bank notes
• The Bank of England is adhering to royal guidance which aims to reduce the environmental and financial impact of this change

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

Banknotes carrying a portrait of King Charles III will be issued for the first time on 5 June 2024.

Polymer banknotes featuring the portrait of the late Queen Elizabeth II will remain legal tender in the UK, and will co-circulate alongside the 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.

Polymer banknotes featuring the portrait of the late Queen Elizabeth II will remain legal tender in the UK, and will co-circulate alongside the King Charles III notes

People will be able to exchange Queen Elizabeth II banknotes for King Charles banknotes through the Bank of England, although certain restrictions will apply. The Bank said further details about this will be provided closer to the time

This means that people will start to see the new King Charles banknotes in their wallets very gradually.

Images of the new King Charles banknotes were first unveiled in December 2022.

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

Although the notes that enter circulation on June 5 will feature a new portrait of the monarch, the reverse side of each note will remain unchanged.

The current series of banknotes features Sir Winston Churchill on the £5, Jane Austen on the £10, JMW Turner on the £20 and Alan Turing on the £50.

People will be able to exchange Queen Elizabeth II banknotes for King Charles banknotes through the Bank of England, although certain restrictions will apply. The Bank said further details about this will be provided closer to the time.

A series of charity auctions of low-serial numbered notes will also be held over the summer at Spink & Son.

Money raised will be donated to charity. More details will be made available on the Spink & Son website, the Bank said.

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

Coins bearing the official effigy of the King first appeared in circulation in post offices around the UK from December 2022.

The first Bank of England note to feature Queen Elizabeth II’s portrait was a £1 note issued in 1960.

According to tradition, each King or Queen faces in the opposite direction to their predecessor.

Banknotes have been produced by the Bank of England since the 17th century but – unlike coinage – did not feature a portrait of the monarch of the day until relatively recently, instead using a likeness of Britannia.

The first Bank of England note to feature Queen Elizabeth’s portrait came in 1960. This was followed by a ten shilling note in 1961.

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