On the money: King Charles III makes banknote debut￼
The Bank of England has unveiled the design for the new Charles III banknotes, making the monarch the first King in British history to feature on a paper legal tender.
Recently succeeding his mother HM Queen Elizabeth II, King Charles will appear on the front of all four polymer banknotes ( £5, £10, £20 and £50), as well as in the silver cameo see-through security window on both sides of the note.
The banknotes will enter circulation in mid-2024, the Bank of England said.
All notes carrying a portrait of Queen Elizabeth II will remain in use, assures the Bank of England, with the public able to “use them as normal”. This means that both King Charles III and Queen Elizabeth II’s legal tenders will circulate together.
In an effort to reduce the financial and environmental impact of bringing King Charles III banknotes into circulation, new notes will only replace damaged banknotes and meet any surge in demand for them.
Andrew Bailey, Governor of the Bank of England said he was “proud” that the central bank was releasing the design of the new banknotes.
On 27 September, the Bank of England announced that a design for the King Charles III notes would be released towards the end of the year.
Bailey further called the release a “significant” moment, as the King was only the second monarch to have their likeness preserved on a banknote.
In 1960, Queen Elizabeth II was the first ever monarch to have her portrait decorate a legal tender – the £1 note – before being placed on the ten shilling note in 1961.