Bank of England has announced that new banknotes featuring the image of King Charles are set to enter circulation on 5 June 2024.

The upcoming release will mark the first time King Charles is featured on banknotes, with his portrait being the sole modification to the existing designs of £5, £10, £20, and £50 notes. The new banknotes will primarily replace damaged or worn-out older ones, while coins with King Charles' image are already in circulation.

Bank of England emphasized that the change in design will solely involve the portrait of King Charles, and the reverse side of current polymer banknotes featuring historical figures such as Sir Winston Churchill, Jane Austen, JMW Turner, and Alan Turing will remain unchanged.

Although the King Charles coins have been part of people's change for some time, the introduction of banknotes required meticulous preparation. Despite the impending arrival of the new notes, shoppers will retain the ability to use existing Queen Elizabeth II banknotes without interruption.

Collectors are eagerly anticipating the release of low-serial numbered notes on new issues, which will be of significant interest and will be auctioned during the summer by Spink & Son. Additionally, members of the public will have the opportunity to enter a ballot for the chance to purchase a set of these new notes, with the funds raised slated for charitable donations.

The Bank of England will facilitate an exchange program, allowing individuals to swap a limited value of current or old series notes for the newly introduced King Charles notes. This service will be available for a brief period starting June 5.

Despite the meticulous planning and production, the integration of the new image into machines, particularly self-service tills, necessitated time. This factor contributed to the delayed circulation of the new banknotes.

It's important to note that the Queen Elizabeth II notes currently in circulation, amounting to a staggering 4.7 billion notes worth £82 billion, will continue to be accepted in shops even after the introduction of the King Charles notes. The replacement will occur as the existing notes become unfit for use or when demand increases.

Bank of England's decision to gradually introduce King Charles notes aligns with guidance from the Royal household, emphasizing a measured transition rather than a wholesale switch. This approach seeks to minimize both the environmental and financial impact of the change, reflecting a thoughtful consideration of sustainability.

Further symbolic changes are occurring this February, with King Charles's preferred crown replacing Queen Elizabeth II's favored symbol on the government's website, highlighting his role as the head of state. As the eagerly anticipated release date approaches, the introduction of King Charles banknotes represents a significant moment in the evolution of British currency.

By embracing contemporary imagery, fostering public participation, and balancing tradition with innovation, the monarchy demonstrates its resilience and relevance in an ever-evolving world.