Banknotes bearing King Charles III's portrait will debut on June 5, 2024. They'll retain the current designs of all denominations (£5, £10, £20, and £50), with no alterations except for the addition of the new portrait.

Existing polymer banknotes featuring Queen Elizabeth II's portrait will remain legal tender, co-circulating alongside the new King Charles III notes. The issuance of new notes will only occur to replace worn ones or to meet increased demand, aligning with guidance from the Royal Household to minimize environmental and financial impacts.

On the issuance day, Bank of England Governor Andrew Bailey remarked, "We’re very pleased to be issuing the new King Charles banknotes. This is a historic moment, as it’s the first time we’ve changed the sovereign on our notes. We know that cash is important for many people, and we are committed to providing banknotes for as long as the public demand them. Bringing these new notes into circulation is a demonstration of that commitment."

Regarding note exchanges, while the new King Charles banknotes will be available from June 5, 2024, their circulation is expected to occur gradually. The public can exchange limited amounts of current or old series notes for King Charles notes through an in-person or postal banknote exchange service offered by the Bank of England for a short period starting from the issuance date. Further information is available on the King Charles III banknotes page.