As the latest banknotes with the portrait of King Charles III begin to gradually enter circulation today (June 5 2024), retailers are being urged to familiarise themselves on spotting counterfeit versions.
The Association of Convenience Stores (ACS) says to avoid being stuck with forgeries of the £5, £10, £20 and £50 notes, retailers and their staff can learn best practices for checking the new banknotes by visiting the Bank of England website, which provides a variety of training materials, posters, booklets, and educational videos.
The advice includes what to do upon receipt of a counterfeit, and outlines how to approach a situation involving fake banknotes, depending on whether the customer has left the premises and how threatening they might be.
ACS chief executive James Lowman said: “We highly recommend all retailers to visit the website and review the training materials so that they can be prepared for the new King Charles notes.”
To minimise environmental and financial impact of the change, the new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes. Polymer banknotes featuring the portrait of Her late Majesty Queen Elizabeth III will remain legal tender, and will circulate alongside King Charles III notes.
