THE first bank notes featuring King Charles III’s portrait are being released TODAY but only a lucky few will get their hands on them.
His Majesty's portrait will appear on the existing designs of all four banknotes, with no other changes made.
The switch from currency featuring the late Queen Elizabeth II will be gradual.
New notes featuring the King’s portrait will only be issued to replace worn-out currency or to meet any increase in demand.
So, with more than 4.6billion notes in circulation, worth some £82billion, it could be some time before one lands in your wallet.
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If you’re keen to be among the first to snap up one of the new-look notes the first to be released will be circulated from several Post Office branches today (June 5).
The chosen branches, which will have £5, £10 and £20 notes, are:
- Piccadilly Plaza, Manchester
- Fawcett Street, Sunderland
- Slindon Street, Portsmouth
- Pinfold Street, Birmingham
- London Wall, City of London
- Broadway, London
- Station Rd, Great Massingham
- Market Place, Tetbury
- High Street, Minchinhampton
- Peascod Street, Windsor
- White Kennett Street, London
- Park Street, Woodstock
- The Buttermarket, Poundbury
Thousands more Post Office branches will receive the new-look currency over the coming days and weeks.
This is the first time the monarch featured on banknotes has been changed.
Although the Bank of England started to produce banknotes in the 17th century, King Charles’s mother was the first British sovereign whose image was featured, initially on a £1 paper note.
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, which he described as “very well designed”.
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Banknotes featuring Queen Elizabeth II remain legal tender and there is no need to exchange them.
But if you want to get your hands on a King Charles III banknote the Bank of England has put temporary facilities in place to allow people to obtain a limited amount.
A postal exchange service will run from June 5 to June 30 allowing customers to exchange up to £300 of notes.
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 issue new notes featuring the King from June 5 to June 11. The same limit of £300 per customer applies.
Karen Stonham, branch manager at Portsmouth Post Office, which is 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.”
When Queen Elizabeth II came to power, coins with her father's image, George VI remained in circulation for almost 20 years after his death.
They were eventually removed when decimalisation was introduced in 1971.
But after one monarch has died and another lined up to take their place, meaning a whole host of other elements must change.
Coins with the new King entered circulation at the beginning of December 2023.
The 50p officially entered circulation and is available from Post Offices around the UK.
In keeping with tradition, The King’s portrait faces to the left – in the opposite direction to the late Queen.
On the new 50p coin featuring King Charles III, the Monarch is not wearing a crown.
This is because Kings are not often depicted wearing a crown on coins, although Her Majesty Queen Elizabeth II had one.
All UK coins bearing the effigy of Queen Elizabeth II will remain legal tender and in active circulation.
They will be replaced over time as they become damaged or worn and to meet demand for additional coins - much like with notes.
Historically it is the case that coins featuring different monarchs do co-circulate, ensuring a smooth transition with minimal environmental impact and cost.
How to spot rare coins and banknotes
Rare coins and notes hiding down the back of your sofa could sell for hundreds of pounds.
If you are lucky enough to find a rare £10 note you might be able to sell it for multiple times its face value.
You can spot rare notes by keeping an eye out for the serial numbers.
These numbers can be found on the side with the Monarch's face, just under the value £10 in the corner of the note.
Also if you have a serial number on your note that is quite quirky you could cash in thousands.
For example, one seller bagged £3,600 after spotting a specific serial number relating to the year Jane Austen was born on one of their notes.
You can check if your notes are worth anything on eBay, just tick "completed and sold items" and filter by the highest value.
It will give you an idea of what people are willing to pay for some notes.
But do bear in mind that yours is only worth what someone else is willing to pay for it.
This is also the case for coins, you can determine how rare your coin is by looking a the latest scarcity index.
The next step is to take a look at what has been recently sold on eBay.
Experts from Change Checker recommend looking at "sold listings" to be sure that the coin has sold for the specified amount rather than just been listed.
People can list things for any price they like, but it doesn't mean it will sell for that amount.
We explain further how you can find out if you have a rare coin worth thousands sitting around the house.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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