Retailers are advised to prepare themselves as the new banknotes featuring the portrait of King Charles III enters circulation today (5).
Appearing on all four banknotes (£5, £10, £20, and £50), the new notes will co-circulate with existing Queen Elizabeth II notes, which are to remain legal tender. The Bank of England website has updated its advice for businesses that should prepare to receive the new King Charles III notes.
Retailers should expect to receive both designs, as the new King Charles III banknotes are to be printed to replace currently worn Queen Elizabeth II notes and to meet any overall increase in demand. This decision aims to minimise any environmental and financial impacts that may occur as a result of introducing the new designs. As such, there is no requirement to exchange current banknotes for King Charles III notes.
Retailers should prepare themselves by reviewing the advice on the Bank of England website, which explains how to check for counterfeit notes that may enter circulation alongside the new designs. They should also ensure that any machines they own to accept, sort, or check banknotes are able to adapt and work with the new notes.
Additionally, the Bank of England is providing a temporary exchange facility for those that are interested in obtaining the new King Charles III designs. Available from 5 June to 30 June and with a £300 limit per person, the new notes can be obtained via the Bank of England postal exchange service. Simply complete an application form and send it to using the service alongside any current or old series banknotes to receive King Charles III banknotes in exchange.
Finally, if your business uses, or is responsible for any machines that accept, sort or check banknotes, you'll need to plan for their adaptation to work with the new note designs.
