What happens to your late Queen bank notes as new King Charles notes released

05 June 2024 , 08:31

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The new King Charles banknotes entered circulation today (Image: PA)

The first King Charles III banknotes have entered circulation today - but happens to the old ones?

Under a planned gradual rollout, the King's portrait will now appear on the existing designs of all four banknotes £5, £10, £20 and £50. The back of the banknotes will still feature Winston Churchill on the £5, Jane Austen on the £10, JMW Turner on the £20 and Alan Turing on the £50, and the design will continue to follow the existing colour scheme.

From this morning, 14 Post Offices across the country will stock the new currency and thousands will soon receive the new-look currency over the coming days and weeks. However, with the new notes many will want to know what will happen to their old ones. For those concerned, they should not worry as the old banknotes featuring the portrait of Her late Majesty Queen Elizabeth II will remain legal tender and co-circulate alongside the new King Charles III notes. This is to reduce the environmental and financial impacts of the change.

The Bank of England explained: "The new banknotes will only be printed to replace those that are worn and to meet any overall increase in demand for banknotes. Our approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change."

So, you can continue to use notes featuring the portrait of Her Majesty and there is no specific need to go and swap them all for ones featuring King Charles. However, if you are something of an enthusiast when it comes to the Royal Family, then there are ways to get your hands on one sooner rather than later.

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The Bank of England is allowing you to exchange an old note with one of the new ones from today. The Bank of England counter at Threadneedle Street in London will also be doling them out until 11 June, before they will then revert to issuing Queen Elizabeth II banknotes only on 12 June. The Central Bank has also 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.

Here are the full list of the 14 Post Office branches with the new King Charles banknotes if you want to head down:

• 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

Ruby Flanagan