On Tuesday, December 20, 2022, the Bank of England unveiled the designs of the new, polymer King Charles III banknotes.
The portrait of The King appears on the designs of all four polymer banknotes (£5, £10, £20 and £50) currently in circulation, with no other (major) changes to the existing designs. Some minimal changes on the obverse around the portrait itself are required to accommodate the new portrait. The King, wearing the Order of the Garter robes, appears on the front of the banknotes, as well as in cameo in the transparent window. His royal monogram (CIIIR) is included as well on the far right, beside his portrait. The reverse side of each note remains unchanged. The new banknotes incorporate the same security features as existing Elizabeth II banknotes.
The new banknotes are expected to enter circulation by mid-2024. All polymer banknotes carrying the Queen's portrait remain legal tender and can be used as always. In line with guidance from the Royal Household, to minimize the environmental and financial impact of this change, the new banknotes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes. Notes featuring Queen Elizabeth II and King Charles III will therefore co-circulate.
It is interesting to note that this transition from one monarch to the next is the first in the Bank of England's history. The late Queen Elizabeth II was the first monarch to feature on Bank of England banknotes, beginning in 1960.
No other Commonwealth country has yet officially unveiled any new banknote designs featuring the new king. Stay tuned...
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