In a move set to mark a historic transition, the Bank of England has announced the issuance of new banknotes adorned with the portrait of King Charles III, scheduled to enter circulation on June 5, 2024.

The unveiling of these notes signals a departure from the current polymer banknotes featuring the likeness of Her late Majesty, Queen Elizabeth II. Notably, the design of the four denominations (£5, £10, £20, and £50) will remain unchanged, ensuring familiarity and ease of verification for users.

Despite the introduction of the new currency, banknotes featuring Queen Elizabeth II will continue to be legal tender and will co-circulate alongside the newly minted bills. The Bank’s decision to print the new notes primarily to replace worn-out currency aligns with guidance from the Royal Household, aiming to mitigate environmental and financial impacts.

However, businesses reliant on machines that handle banknotes are advised to prepare for necessary adaptations to accommodate the updated designs. As the nation anticipates this significant transition, the Bank of England reaffirms its commitment to maintaining the integrity and functionality of the currency system.