Prepare for the new King Charles III banknotes
The Bank of England recently unveiled the design of the new King Charles III banknotes. The King’s portrait will appear on four polymer banknotes (£5, £10, £20, and £50). The rest of the design on the banknotes will remain the same, including the security features that your staff checks during transactions. The Bank of England expects the new banknotes to enter circulation by mid-2024.
What the new King Charles III banknotes mean for businesses
There is no action to take right now.
You should continue to accept polymer banknotes that feature the portrait of Queen Elizabeth II. Banknotes featuring Queen Elizabeth II and the King will be in circulation at the same time.
If you use machines to authenticate banknotes (excluding ultraviolet lights), you will need to update these ahead of the new King Charles III notes entering circulation. These updates are normally made available by machine manufacturers a few months before a note enters circulation. We will let you know once we hear more about likely timings.
The new banknotes will only be printed to replace those that are worn and to meet any overall increase in demand for banknotes. The Bank of England's approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change.
Checking banknotes for counterfeit
The festive season is a busy time for retailers and businesses and data suggests that there is an increase of counterfeit notes in circulation. More money changes hands than at any other time of the year and businesses often employ temporary staff, who may be unfamiliar in checking banknotes.
You can find the Bank of England’s free banknote education materials to train your employees and ensure they know what to look out for here.
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