King Charles banknotes revealed – when it will be released

The first images of new banknotes featuring King Charles have been unveiled by the Bank of England. 

The portrait of the King is the only change to the existing designs of the notes – which will enter circulation in mid-2024.

The notes will feature the King’s portrait on the front and in the see-through security window. 

Existing notes with the late Queen’s image will still be accepted in shops even after the new notes enter circulation. 

Queen Elizabeth was the first and only monarch to appear on circulating Bank of England banknotes, starting in 1960. 

Notes issued by Scottish and Northern Irish banks do not feature a portrait of the monarch. 

There are about 4.5 billion individual Bank of England notes worth about £80bn in circulation at present.

King Charles III’s banknotes

The Bank of England said, following guidance from the royals, the new notes will only be printed to replace worn notes or to meet increased demand – in order to minimise the environmental and financial impact. 

Bank of England governor, Andrew Bailey, said he was “proud” of a “significant moment” with the new design.

Fifty pence coins with the King’s image have already entered circulation – via post offices across the country. 

Like notes, coins with the late Queen’s image will still be accepted. 

Using cash as a payment method has massively declined over the years – due to contactless payments and later the Covid pandemic. 

However, collectors will still be excited to get their hands on the lowest serial numbers of the new King banknotes when they appear.