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People only have until the end of June to get their hands on one of the new King Charles III banknotes by exchanging their old money, the Bank of England has said. Yesterday (June 5) the cash featuring our monarch was issued for the first time on £5, £10, £20, and £50 notes.
And it has sparked a lot of interest with a survey finding that more than a quarter (28%) of Brits are interested in getting hold of the new-look banknotes, with a fifth (19%) saying they are more likely to get cash out as a result. The Bank of England says that new King Charles III banknotes will only be printed to replace those that are worn and to meet any overall increase in demand for banknotes.
So people might struggle to begin with to get their hands on them. However those who are keen can actually exchange their own notes for the new ones – but they’ve only got until the end of the month. The Bank of England said: “Banknotes featuring the portrait of Queen Elizabeth II, will remain legal tender, and can continue to be used. There is no need to exchange current banknotes for the new King Charles III notes.”
“We recognise that people may be interested in seeing the new notes, and have therefore put in place temporary facilities to allow people to obtain a limited value of the King Charles III banknotes – there will be a limit per person. The Bank said: “You can obtain the new King Charles III banknotes using our postal exchange service. If you send us current or old series banknotes, along with a completed application form, we will return King Charles III banknotes to you in exchange. The exchanged notes can only be sent to a UK address.”
For an application form for King Charles III banknotes click here. This service will be available from 5 June to 30 June 2024 up to a limit of £300 per customer. Cash sent to us in excess of this amount will be returned by the person’s requested Return Postal Method, alongside the £300 of King Charles III banknotes. Applications should be made using the form.
And if people want to go in person the counter at the Bank of England, Threadneedle Street will only be issuing new banknotes featuring King Charles III from 5 June to 11 June 2024. The counter is open to UK and non-UK residents. The same limit of £300 per customer applies.
Any banknote exchanges completed in excess of £300 on these dates will receive banknotes featuring the portrait of Queen Elizabeth II. The bank added: ”Please note that we expect there to be high volumes of customers and long wait times over this period. If you have an exchange of old series banknotes in excess of £300, we would strongly encourage you to avoid these dates.
“Security measures are in place and access will usually only be permitted to the individual who is exchanging banknotes, we will ask members of your party or family to wait outside the building. We ask that you do not bring large bags with you and your bags will be searched. We request that liquids, bikes, scooters and motorcycle or bike helmets are not brought into the building.”
From 12 June 2024, the Bank’s counter will issue Queen Elizabeth II banknotes only. Select Post Office branches are also distributing the new banknotes over the coming days and weeks.
Bank of England governor Andrew Bailey said: “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.”
The 14 post offices with new King Charles notes
Fawcett Street, Sunderland
Slindon Street, Portsmouth
Pinfold Street, Birmingham
Piccadilly Plaza, Manchester
London Wall, City of London
Broadway, London
Station Road, Great Massingham
Market Place, Tetbury
High Street, Minchinhampton
Peascod Street, Windsor
White Kennett Street, London
Park Street, Woodstock
The Buttermarket, Poundbury
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