When you will able to get your hands on the King Charles banknote

The date for the release of new notes carrying a portrait of the King has been confirmed by the Bank of England.

The portrait of Charles will appear on existing designs of all four banknotes (£5, £10, £20 and £50), with no other changes to the existing designs.

Polymer banknotes featuring the portrait of the late Queen Elizabeth II will remain legal tender, and will co-circulate alongside the King Charles III notes.

The new banknotes, available from June 5, will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes.

Coins bearing the official effigy of the King first appeared in circulation in post offices around the UK from December 2022.

The Bank of England said its approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change.

Sarah John, Chief Cashier, with the new King Charles III £20 note (Bank of England/PA Wire)

This means that people will start to see the new King Charles banknotes in their wallets very gradually.

Images of the new King Charles banknotes were first unveiled in December 2022.

The King’s image will appear on the front of the banknotes, as well as in cameo in the see-through security window.

Although the notes that enter circulation on June 5 will feature a new portrait of the monarch, the reverse side of each note will remain unchanged.

The current series of banknotes features Sir Winston Churchill on the £5, Jane Austen on the £10, JMW Turner on the £20 and Alan Turing on the £50.

The new bank notes (Bank of England/PA Wire)

People will be able to exchange Queen Elizabeth II banknotes for King Charles banknotes through the Bank of England, although certain restrictions will apply. The Bank said further details about this will be provided closer to the time.

A series of charity auctions of low-serial numbered notes will also be held over the summer at Spink & Son. Money raised will be donated to charity. More details will be made available on the Spink & Son website, the Bank said.