New King’s banknotes to enter circulation by mid-2024
Posted on in Business News , Cycles News
New banknotes featuring King Charles are to enter circulation by mid-2024. 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 retail staff check during transactions.
There is no action for retailers to take right now. Retailers should continue to accept polymer banknotes that feature the portrait of the late Queen Elizabeth II. Banknotes featuring the late Queen 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 notes entering circulation. These updates are normally made available by machine manufacturers a few months before a note enters circulation.
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.
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.
Useful links
If you have any other queries please contact us.
The Cycling Experts is brought to you by the Association of Cycle Traders.