Banknotes bearing the image of Elizabeth II. will continue to circulate in parallel.
The new banknotes bearing the image of Charles III, which will enter circulation on June 5, were revealed at the Bank of England Museum.
Banknotes bearing the image of Elizabeth II will continue to circulate in parallel and will only be withdrawn when they are damaged to “minimize the environmental and financial impact of the change of monarch”following the directives of the royal house.
The £5, £10, £20 and £50 notes retain the same design as their previous versions, only the portraits on the front will change.
Banknotes and coins continue to play an important role in the United Kingdom. There are currently more banknotes in circulation than in 2020. In 2022, 1.1 million people in the UK did not have a bank account.