The new banknotes are being released into circulation today (Picture: Bank of England/PA Wire)
Bank notes with the portrait of King Charles have been released into circulation for the first time today.
All four banknotes – the £5, £10, £20 and £50 – are available with no other alterations to the existing designs.
They will co-circulate alongside existing notes with the portrait of the late Queen Elizabeth II.
But it may take some time for people to receive these notes without searching for them, as they are rolled out into British currency gradually.
In line with guidance from the Royal Household, the new notes will only be printed to replace those that are worn, and to meet any overall increase in demand.
There are more than 4.6 billion Bank of England notes in circulation, worth about £82 billion.
Bank of England Governor Andrew Bailey said: ‘We’re very pleased to be issuing the new King Charles banknotes.
‘This is a historic moment, as it’s the first time we’ve changed the sovereign on our notes.
Where to get your hands on the new bank notes with King Charles’s portrait
Piccadilly Plaza (Manchester), M2 1BB
Sunderland City, SR1 1RR
Portsmouth, PO1 1AB
Birmingham, B2 4AA
The City of London, EC2M 5TE
Moorgate, EC2M 5TE
Broadway, SW1H 0AX
Great Massingham, PE31 6HP
Tetbury, GL8 8DB
Minchinhampton, GL6 9BN
Windsor, SL4 1AA
Houndsditch, E1 7BS
Woodstock, OX20 1SP
Poundbury, DT1 3AZ
There are no other changes to the existing designs (Picture: Bank of England/PA Wire)
‘We know that cash is important for many people, and we are committed to providing banknotes for as long as the public demand them. Bringing these new notes into circulation is a demonstration of that commitment.’
In April, Charles was presented with the first banknotes bearing his portrait.
He praised them as ‘very well designed’ and expressed his surprise at being only the second monarch to feature.
Although the Bank of England started to produce banknotes in the 17th century, Charles’s mother, Queen Elizabeth II, was the first British sovereign to be given the honour in 1960 on a £1 paper note.
People will be able to snap up the new-look currency at selected Post Office branches.
The chosen Post Offices will initially have £5, £10 and £20 denominations of the new banknotes.
They will co-circulate alongside existing notes with the portrait of the late Queen Elizabeth II (Picture: Bank of England/PA Wire)
Thousands morewill receive the new-look currency over the coming days and weeks.
Karen Stonham, branch manager at the Portsmouth Post Office, which is also among the initial branches to stock the new notes, said: ‘Our local customers come into our branch every day to withdraw or deposit cash for their daily needs, so we were excited to be one of the first branches to have the new banknotes available.’
Krishna Thakeria, branch manager at the Broadway Post Office in central London, which is also stocking the new banknotes, said: ‘The new-look notes hold a special significance for us at Broadway Post Office, given our proximity to Buckingham Palace and the historic Cabinet War Rooms.’
Recent figures from Post Office revealed a significant increase in cash transactions at its branches in April, with cash deposits and withdrawals across counters totalling a record £3.48 billion.
Ross Borkett, banking director at the Post Office, said: ‘This historic launch of the new banknotes featuring King Charles III comes as we experience the highest levels of cash withdrawals and deposits in Post Office branches.
The Bank of England has put temporary facilities in place to allow people to obtain a limited amount of the King Charles III banknotes (Picture: Bank of England/PA Wire)
‘We’re pleased to be able to mark this day by giving people the opportunity to withdraw the new notes from our branches.’
While banknotes featuring Queen Elizabeth II remain legal tender and there is no need to exchange them, people who are interested to see the new banknotes can now get their hands on them.
The Bank of England has put temporary facilities in place to allow people to obtain a limited amount of the King Charles III banknotes.
It has set up a postal exchange service, running from June 5 to 30, up to a limit of £300 per customer. An application form and further details are on the Bank of England’s website.
The Bank of England counter at Threadneedle Street in central London will also be issuing new notes featuring the King from June 5 to 11 and the same limit of £300 per customer applies.
Visitors to the Bank of England Museum have been able to catch a first glimpse of the new banknotes, before they entered circulation, in its Future Of Money exhibition.
Graham Mott, director of strategy at ATM and cash access network Link, said: ‘While more people are paying for things online or using contactless cards, cash use remains popular, with over 70% of adults spending cash at least once a fortnight.
‘As King Charles III banknotes begin to enter circulation, they will steadily be available through all cash machines as worn notes are withdrawn.’
A recent survey for Link indicated that nearly half (48%) of people expect to see a cashless society in their lifetime.
But, according to Link’s data, the average UK adult still withdrew around £1,500 from cash machines last year.
In 2023, legislation was passed as part of the Financial Services and Markets Act, to protect access to cash.
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