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King Charles III banknotes to arrive in June: What do we do with old cash?

King Charles III banknotes to arrive in June: What do we do with old cash?
Matt Browning
Written By:
Matt Browning

The first banknotes to feature King Charles III will enter circulation in the UK on 5 June.

From that date, the portrait of the Monarch will appear on existing designs for £5, £10, £20 and £50 notes.

The reverse sides of the four banknotes will continue to carry an image of Winston Churchill, Jane Austen, JMW Turner and Alan Turing respectively.

When the roll-out begins, shoppers can still use the notes that feature Her late Majesty Queen Elizabeth II, as the Bank of England (BoE) confirmed they will remain legal tender and stay in circulation.

Designs of the banknotes were released in December 2022, but they will only be printed to replace damaged notes and to also meet what demand there is.

This approach is to satisfy guidance from the Royal Household “by minimising the environmental and financial impact of this change”. It means shoppers and business owners will see the introduction of the new money appearing gradually.

Environmentally friendly roll-out

Meanwhile, if you have any old notes, then for a limited period you will be able to exchange a limited number for the new King Charles III versions through the BoE. There will be restrictions with the trade, and more details will be released by the bank nearer the time.

Collectors will also be able to purchase low-serial-numbered notes at a series of charity events. The highly sought-after versions of the currency will be up for grabs during the summer at the auction house Spink & Son in London. Money raised from the auction will go to charity.

For business owners, the same security features as the current notes in circulation will apply. So, the image of King Charles III will appear ‘in cameo’ through the see-through security window in the centre of the note.

The new notes follow the release of a fresh set of coins and postage stamps, which entered circulation last year.