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First banknotes with King Charles III unveiled

Eliza Bavin
·Personal Finance Editor
·2-min read
A mock-up of the first banknote featuring King Charles III.
The first glimpse into what a banknote featuring King Charles III has been released. (Source: AAP)

The first banknotes with the effigy of King Charles III have been released by the Bank of England.

The new banknotes are expected to go into circulation in the middle of 2024, at which point they will start to gradually replace those featuring the King’s mother, Queen Elizabeth II.

Charles became King in September following Queen Elizabeth's death after 70 years on the throne.

The new five, 10, 20 and 50-pound polymer bank notes feature a portrait of Charles on the front, as well as a cameo of him in the banknotes' see-through security window, but are otherwise unchanged from their current designs.

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"This is a significant moment, as The King is only the second monarch to feature on our banknotes," BoE governor Andrew Bailey said in a statement.

Queen Elizabeth first appeared on BoE banknotes in 1960, in contrast to British coins which have long featured images of the country's rulers.

Britain's Royal Mint began issuing the first coins featuring Charles's profile into general circulation on December 8.

The BoE does not intend to withdraw banknotes featuring Queen Elizabeth until they are worn out, so the two types of note will both be in circulation for some years.

Will King Charles appear on the Australian $5 note?

Currently in Australia, Queen Elizabeth is featured on the $5 note, and it is not yet known if she will be replaced by the new monarch.

Reserve Bank (RBA) governor Philip Lowe said the central bank was consulting with the Government following the Queen’s death.

“We recognise that this is an issue that is of national interest and there is a long tradition of the monarch being on Australia’s banknotes,” Lowe said at an RBA board dinner in November.

“The monarch has been on at least one of Australia’s banknotes since 1923 and was on all our notes until 1953.

“Given this tradition and the national significance of the issue, the bank is consulting with the Australian Government, regarding whether or not the new $5 banknote should include a portrait of King Charles III.”

- With AAP

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