New King Charles III banknotes to enter circulation

The Bank of England announced on 21st February 2024 that new banknotes, featuring King Charles III, are set to enter circulation on 5th June 2024. 

The image of the King will feature on all four banknotes (£5, £10, £20 and £50), but there won’t be any other changes to the current design. 

Existing Queen Elizabeth II notes will continue to be accepted. The new notes will only be printed to replace worn and damaged notes, and to meet any overall increases in demand for banknotes. This means that both notes will be used together for a while, with the new notes gradually becoming more common. 

Tobias Gruber, CEO of My Community Finance, commented on this announcement, saying, "The introduction of new banknotes featuring King Charles III is likely to reignite discussions about the ongoing shift towards a cashless society. 

Critics may question the necessity of investing in this exercise given the dwindling use of physical currency. Despite a recent uptick in cash transactions, the prevalence of digital payments remains steadfast.

As a passionate advocate for financial inclusivity, I’m pleased by The Bank of England's decision to print new notes solely to replace worn ones. This strategy not only minimises environmental and financial repercussions but also acknowledges the enduring importance of cash. Regardless of one's stance on a cashless future, it's paramount to recognise that cash remains a cornerstone of inclusivity and accessibility in our financial system."