New banknote with portrait of HM King Charles III

On 20^th December 2022,  The Bank of England unveiled the obverse portrait of HM King Charles III which will be depicted on banknotes from 2024.  The portrait of The King will appear on existing designs of all four polymer banknotes (£5, £10, £20, and £50), with no other changes to the existing designs. The portrait of His Majesty shows him dressed in the robes of the Order of the Garter with a greater portion of the collar and robes being included in the new banknotes. His Majesty’s portrait is placed to the right side as was the portrait of Her Late Majesty Queen Elizabeth II, along with his royal cypher, which includes the letters “C” and “R” with the Roman numeral “III.” As well as the printed portrait, his image also appears as a cameo in the see-through security window.

According to The Bank of England, the new banknotes are to enter circulation in mid-2024 and will only be printed and distributed to replace current banknotes that are damaged and,  to meet any overall increase in demand for banknotes. The bank’s approach is in line with guidance from the Royal Household to minimize the environmental and financial impact of the change of design. The reverse designs on the Series G polymer banknotes will not be changed nor will the colour schemes or dimensions.

The Bank of England has also advised that the current series, which features portraits of HM Queen Elizabeth II, will still remain legal tender, it will co-circulate and can be used by the public as normal.  HM King Charles III is the second British monarch to have their image included on Bank of England banknotes; the practice was introduced in 1960 with the introduction of the A series.