Market News

BY  Pedro Goncalves·Finance Reporter, Yahoo Finance UK

Britons should start seeing new banknotes featuring King Charles III in their wallets and purses as they enter circulation for the first time on 5 June 2024.

The portrait of the King will appear on existing designs of all four banknotes (£5, £10, £20 and £50), with no other changes to the existing designs.

The only difference being that the face of King Charles will replace that of Queen Elizabeth II.

This means that the new £5 will remain blue, the £10 note orange, the £20 purple and the £50 red.

In the banknotes, King Charles faces head on, looking straight out from the banknote, rather than being in side profile. He is also not wearing a crown, which has been tradition with past monarchs.

Although the notes that enter circulation on 5 June 2024 will feature a new portrait of the monarch, the reverse side of each note remains unchanged.

The newly designed polymer banknotes will coexist with the current HM Elizabeth II banknotes, to ensure a seamless transition.

The new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes.

This decision was reportedly made in tandem with the Royal Family. "Our approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change," the Bank of England said.

This means the public will begin to see the new King notes very gradually.

For those eager to get a hold of the new banknotes as quick as possible, members of the public will be able to exchange a limited value of current or old series notes for new King Charles III notes, through the Bank of England, for a short time from the 5 June 2024 issuance date.

There will also be a series of charity auctions of low-serial numbered notes over the summer at Spink & Son.

In addition to the auctions, members of the public will be able to enter a ballot to purchase a set of notes. The money raised will be donated to charity.