On Tuesday, June 5, 2024, the Bank of England introduced new banknotes featuring the portrait of King Charles III. This marks the first time his portrait has been included on UK banknotes. Here are the key points:
### Introduction of New Banknotes
1. **Date of Introduction:**
– The new banknotes featuring King Charles III were introduced on June 5, 2024.
2. **Design Details:**
– King Charles III’s portrait has been added to the existing designs of all four banknotes (£5, £10, £20, and £50) with no other design changes.
3. **Polymer Notes:**
– The new notes are polymer, similar to the ones featuring Queen Elizabeth II, which will continue to be legal tender and circulate alongside the new notes.
4. **Replacement Strategy:**
– The new banknotes will be produced to replace worn-out notes and to meet any increase in demand, following the Royal Household’s guidance to minimize environmental and financial impacts.
### Availability and Exchange
1. **Swapping Old for New:**
– The Bank of England allows individuals to swap small amounts of current or older banknotes for the newly issued King Charles notes. This service will be available briefly from June 5, 2024.
2. **Exchange Options:**
– Exchanges can be made in person or by post. Detailed information is available on the King Charles III banknotes webpage.
### Official Statement
– **Governor’s Remarks:**
– On the day of issue, Andrew Bailey, the Governor of the Bank of England, stated: “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 demands them. Bringing these new notes into circulation is a demonstration of that commitment.”
### Conclusion
The introduction of King Charles III banknotes represents a historic transition and the Bank of England’s ongoing commitment to supporting cash usage in the UK. The gradual replacement of worn-out notes with the new design ensures a seamless and environmentally conscious changeover.