King Charles III Banknotes Enter Circulation in the UK
For the first time, banknotes featuring a portrait of King Charles III entered circulation on Wednesday, the Bank of England announced. The new notes, which include denominations of £5, £10, £20, and £50, showcase King Charles III's image on the front, visible through the notes' see-through security window.
In a statement, the Bank of England confirmed that while the design of the notes remains largely unchanged, the addition of King Charles III marks a significant update. Alongside monarchs, UK banknotes also feature historical figures such as Winston Churchill, Jane Austen, JMW Turner, and Alan Turing.
The initial images of the notes with King Charles III were released in December 2022, following the death of Queen Elizabeth II in September 2022. Despite the introduction of the new notes, those featuring Queen Elizabeth II will continue to be legal tender and will circulate alongside the new ones. The tradition of depicting monarchs on banknotes began in 1960, making Charles and Elizabeth the only monarchs to have been featured.
"The new banknotes will only be printed to replace those that are worn and to meet any overall increase in demand for banknotes," the Bank of England stated. "This means the public will begin to see the new King Charles III notes very gradually."
Bank of England Governor Andrew Bailey called this a historic moment, as it marks the first change of the sovereign on UK banknotes. People will have the opportunity to exchange their existing notes for those featuring King Charles III. Additionally, a series of auctions for low-serial numbered notes will be conducted in the coming months, with the proceeds going to charity.
Coins bearing a portrait of King Charles III are already in circulation, adhering to the tradition of switching the profile direction with each successive monarch. This new coin design features Charles facing the left, opposite to the right-facing profile of Queen Elizabeth II.
This transition is part of a broader update to the UK's currency, reflecting the new reign and continuing the nation's tradition of commemorating its monarchy through its financial instruments
