Poundbury Post Office one of the first to get new King Charles banknotes
The notes will circulate alongside those featuring the late Queen
Last updated 5th Jun 2024
Banknotes featuring the King's portrait are being issued from today, marking the first time that the sovereign has been changed on the Bank of England's notes.
The new banknotes will co-circulate alongside those featuring Queen Elizabeth II.
The portrait of Charles will appear on all four banknotes - the £5, £10, £20 and £50 - with no other alterations to the existing designs.
However, people may only start to see the new notes appear in their change very gradually.
There are more than 4.6 billion Bank of England notes in circulation, worth about £82 billion.
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.
The approach aims to minimise the environmental and financial impact of the change.
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.
"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.
One of the branches where the new banknotes are being made available is situated in Poundbury in Dorset, an area reflecting the King's architectural principles.
Work started on Charles's classically inspired extension to the Dorset town of Dorchester in the 1990s, to create an urban quarter of Dorchester where commercial buildings were mixed with residential areas, shops and leisure facilities for a walkable community.
The chosen Post Offices will initially have £5, £10 and £20 denominations of the new banknotes.
Thousands of Post Offices will receive the new-look currency over the coming days and weeks.