King Charles III Banknotes to Enter Circulation in June - UK

London, Feb 21 (PTI) Banknotes in the UK carrying a portrait of King Charles III will be issued for the first time from June 5, the Bank of England announced here on Wednesday.

The portrait of the 75-year-old British monarch will appear on existing designs of all four banknotes – GBP 5, 10, 20 and 50 – with no other changes to the existing designs. Polymer banknotes that feature the portrait of his late mother, Queen Elizabeth II, will remain legal tender and co-circulate alongside the new King Charles III notes.

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

“Our approach is in line with guidance from the Royal Household to minimise the environmental and financial impact of this change. This means the public will begin to see the new King Charles III notes very gradually,” Bank of England said.

Under the new portrait design launched last year, the King's image will appear on the front of the banknotes as well as in a cameo in the see-through security window, and the reverse side of the notes will remain unchanged. The current Series G of UK banknotes feature former UK PM Winston Churchill on the 5-pound notes, author Jane Austen on 10-pound notes, painter JMW Turner on 20-pound notes and computer scientist Alan Turing on 50-pound notes.

Members of the British public will also be able to exchange a limited value of current or old series notes for new King Charles III notes through the central bank for a short period of time from the June 5 issuance date, with details of the process to be unveiled in due course.

Meanwhile, a series of charity auctions of low-serial numbered banknotes will be held in the coming months at the Spink & Son auction house. In addition to the auctions, the public will be able to enter a ballot to purchase a set of notes, with the money raised to be donated to charity.