A NEW ERA DAWNS
Published 01.03.24
A NEW ERA DAWNS
The Bank of England will be releasing new £5, £10, £20, and £50 notes featuring the profile of King Charles II on 5th June 2024.
There will be no immediate withdrawal of the current notes bearing Queen Elizabeth II’s profile; only damaged and worn notes will be recalled.
The preparation of the new notes for circulation has taken longer than that of the coins due to the advanced security on the notes requiring additional programming updates.
The reverse side of the current polymer Bank of England banknotes, featuring Sir Winston Churchill, Jane Austen, JMW Turner, and Alan Turing, will remain unchanged.
All our machines on our estate will be updated in the coming weeks to accommodate the new notes.
Following the guidance of the Bank of England, all machines will be programmed to accept both Queen Elizabeth II and King Charles II notes.
It is noteworthy that the existing Queen Elizabeth notes currently in circulation, totalling £4.7 billion with a value of £82 billion, remain valid for use in shops even after the introduction of the new notes.
The first Bank of England note to showcase Queen Elizabeth II’s portrait was a £1 note introduced in 1960.
The Royal household has advised a gradual transition rather than an immediate switch to minimize the environmental and financial impact of the change.
NOTE: It is important to note that withdrawn bank notes, including older denominations like the old £1, may no longer be considered legal tender for public transactions, although banks are obligated to accept and exchange old pound sterling denominations.