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by Mick the Ram
After being unveiled in December last year, it has been revealed that the Bank of England’s (BOE) new King Charles III banknotes will enter circulation from 5 June 2024.
The portrait of the King will appear on existing designs of all four banknotes, namely the £5, £10, £20 and £50 notes, with no other changes to the layouts.
The BOE confirmed that those notes that feature Queen Elizabeth II will still remain legal tender, and will co-circulate.
The central bank of the United Kingdom also added that there will only be a small rollout of new notes in a bid to minimise the environmental and financial impact of the update.
New coins bearing King Charles’ image were brought into circulation in August 2023 to mark his Coronation.
Following guidance
The new issues that appear from 5 June, will only be printed to replace those that are worn and to meet any overall increase in demand, the BOE explained. They said that their approach was in line with guidance from the Royal Household.
That means that it could still be sometime before large numbers of the population actually see one of them in their wallet, or purse.
That likelihood is further restricted by the fact that huge amounts of people no longer carry much cash about on their person and tend to pay by card through contactless payment, so it might actually be several weeks or months before they get to own one.
Slow rollout
It certainly seems as though this particular rollout will be one of the most gradual ever performed.
The country’s central bank did say that a limited amount of “current or old series notes” could be exchanged for the new versions shortly after they are issued in June, but said clarification on that will be given nearer to the time.
Auctions to benefit charities
It was revealed that a series of charity auctions for a run of the new notes which are “low-serial numbered” will also be held over the summer months, hosted by Spink & Son.
Additionally, members of the public will be able to enter a ballot to purchase a set of notes, with all proceeds being given to deserving charities.
Time required for updates
These new notes were designed in collaboration between the Bank of England and De La Rue, and feature the King’s image as a portrait on the front, in addition to appearing in the see-through security window on the back.
The bank also said that there had been a need to restrict circulation for a time owing to the fact that machines such as self-service tills required updating, so as to recognise the new images
Sitting in front of the famous
The King appearing on one side of the notes will be the only alteration, the reverse side shall remain the same in each case.
That means that they will continue to feature: Sir Winston Churchill in the case of the £5, Jane Austen on the £10, JMW Turner across the £20, and Alan Turing appearing on the £50.
Security wise, the same methods of checking will also remain unchanged.
Queen Elizabeth to remain in people’s possession
Her Majesty Queen Elizabeth II first featured on a Bank of England note back in 1960, when her portrait was issued on a new £1 note.
Her image is believed to feature on around 4.7 billion notes still in circulation, with an estimated value of £82bn.
These will still be permitted for everyday usage after 5 June, a ruling that is likely to remain for several years at least, as the intention is to only replace them when they are no longer fit for use, or when there is any increased demand, for some reason or another.
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