New King Charles Banknotes to be in circulation
Banknotes carrying a portrait of King Charles III will be issued 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). Other value notes will not be affected or issued.
See specimen examples of the new King Charles III notes here.
Notes using the image of the late Queen will remain in circulation and therefore should be kept for continued use by businesses. This will help to minimise the economic and environmental impact of this change.
Will hospitality businesses need to update their banknote machines, gaming machines, betting machines or vending machines?
If your nightclub offers a cash withdrawal machine (ATM machine) or your hotel hosts a vending machine or a bank deposit option, you may need to plan for adaption.
If your bar offers gaming machines which can accept banknotes, or your pub has a betting machine, they may need updating.
The Bank of England have asked that all businesses complete relevant machine updates before 5th June 2024.
For dispensing machines, we anticipate that cassettes can contain a mixture of both banknote designs in the same cassette.
In preparation, banknote equipment manufacturers releasing updates for you to install in machines now. Please check with your manufacturers directly on their individual timelines.
How to exchange old bank notes?
Exchanging an old bank note will require a UK bank account.
The quickest way to be rid of your old banknotes is to pay them into your bank account. Banks that accept older paper notes as deposits that are still valid include:
- Barclays
- Halifax
- Lloyds
- Nationwide
- NatWest
- Santander
To maintain your reserves of cash, withdraw directly from the bank at a clerk to receive new notes.
The Post Office will also accept most old notes as a deposit – there are 30 post offices across the country that will swap old banknotes. This method is suitable if you have £300 or less, and will require photo ID.
How to spot if a King Charles Banknote is fake?
The King’s image will be on the front as well as in the see-through security window. All other security feature will remain the same.
Notes featuring the King and notes featuring the late Queen will be in circulation together.
How to stay aware of banknote fraud?
Review the bank notes here
Each note has key security features and design features. These include:
- Hologram image saying ‘Five’ and ‘Pounds’
- Queens portrait in the see through window
- Colour changing border
- Silver foil patch
- Feel of polymer and a raised print
- Print quality
- Number revealed under ultra-violet light
- Unique numbering in the bottom right
Free online bank note training is available with the Bank of England.
Download these links to share how to check the banknotes you receive:
- How to check your banknotes A5 booklet (PDF 7.7MB)
- How to check your banknotes A3 poster (PDF 2.9MB)
