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The Bank of England asked people to return old banknotes that featured the portrait of Queen Elizabeth as new banknotes featuring the portrait of the King Charles III will now be in circulation in the UK. With this, King Charles III is now the second British monarch to be on Bank of England notes. The new notes are only different in terms of the image of King Charles III but other details remain the same.
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Images of the notes depicting King Charles were first released in December 2022 after Queen Elizabeth II passed away in September of the same year. The Bank of England said, “The new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes. This means the public will begin to see the new King Charles III notes very gradually.” Bank of England Governor Andrew Bailey said, “This is a historic moment, as it’s the first time we’ve changed the sovereign on our notes.”
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It was earlier reported that the notes were previewed by King Charles III at the Buckingham Palace before they were approved Bank of England. The monarch was presented with banknotes with lower denominations, reports claimed.
What about old banknotes?
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Reports claimed that old banknotes can be exchanged by people. In order to do this, people have to exchange their old notes from June 5 to June 30 up to the value of £300 for the new ones, Daily Express reported.
How to exchange banknotes?
For those seeking to exchange banknotes, this can be done till June 30 by visiting the BoE counters between June 5 and June 11 at the Bank of England counter at Threadneedle Street. Notes can also be exchanged by filling an application form and this facility is available for those who are living at a UK address.
Will old notes still be used?
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Yes, old banknotes featuring Queen Elizabeth II will continue to remain valid and will remain in circulation along with new one. Bank of England said that the new banknotes have been printed out to replace the old and worn-out notes.
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