New King Charles III banknotes revealed and when they're launching

Virgin Radio

22 Dec 2022, 14:53

Coming to a pocket or purse near you in 2024: King Charles III bank notes have been unveiled by the Bank of England and the monarch's portrait will soon be seen on new £5, £10, £20 and £50 notes. 

Charles' face will also feature in the see-through security window, while the same famous Britons will appear on the other side.

Existing money featuring the late Queen will remain legal and can be used. New notes will only be printed to replace worn out ones and to meet demand to minimise environmental and financial impact which means notes featuring Queen Elizabeth II and King Charles III will 'co-circulate'.

The Bank of England said in a statement: "The new banknotes will only be printed to replace those that are worn and to meet any overall increase in demand for banknotes.

"Our approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change."

Andrew Bailey, the Bank’s governor, said: “I am very proud that the Bank is releasing the design of our new banknotes, which will carry a portrait of King Charles III.

"This is a significant moment, as the king is only the second monarch to feature on our banknotes. People will be able to use these new notes as they start to enter circulation in 2024.”

On the new King Charles 50p coins, Rebecca Morgan, director of collector services at The Royal Mint, said in a statement: "Today marks a new era for UK coinage, with the effigy of King Charles III appearing on 50ps in circulation. 

“We anticipate a new generation of coin collectors emerging, with people keeping a close eye on their change to try and spot a new 50p that bears the portrait of our new King.”