New notes featuring King Charles to enter circulation in 2024
The Bank said it will reveal images of updated banknotes featuring King Charles III by the end of this year. His Majesty’s portrait will feature on the front of the banknote, as well as in cameo in the see-through security window.
It confirmed His Majesty’s portrait will appear on existing designs of all four polymer banknotes (£5, £10, £20 and £50) and added: “This will be a continuation of the current polymer series and no additional changes to the banknote designs will be made”.
The Bank added existing notes featuring HM Queen Elizabeth II “will continue to be issued into circulation” and remain legal tender.
Notes featuring Queen Elizabeth II – the first monarch to feature on Bank of England banknotes – first appeared in 1960. They will only be removed from circulation once they become worn or damaged.
It means notes featuring the Queen will be in circulation with new notes featuring the King.
The Bank stated: “In line with guidance from the Royal Household to minimise the environmental and financial impact of the change of monarch, existing stocks of notes featuring HM Queen Elizabeth II will continue to be issued into circulation. New notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes.”
Queen Elizabeth II – Britain’s longest reigning Monarch – passed away on Thursday 8 September. At the time, the Bank said “current banknotes featuring the image of Her Majesty The Queen will continue to be legal tender. A further announcement regarding existing Bank of England banknotes will be made once the period of mourning has been observed.”
Old paper £20 and £50 notes
Anyone with ‘old’ paper £20 and £50 banknotes have until Friday 30 September to use them before they lose their legal tender status.
Up until then, both the new polymer (plastic) and paper £20 and £50 notes can be used, but shoppers are encouraged to spend, swap or deposit them at banks or the Post Office.
The Bank of England (BoE) said while the majority of paper £20 and £50 banknotes in circulation have been replaced with new polymer versions, there are still over £5bn worth of paper £20 notes featuring the economist Adam Smith.
Meanwhile, Brits are sitting on nearly £6bn worth of paper £50 banknotes featuring the engineers Boulton and Watt.
That’s more than 250 million individual £20 banknotes, and more than 110 million paper £50 banknotes. See YourMoney.com’s £11bn worth of old paper notes for more information.