Retailers are being urged to prepare for the introduction of banknotes featuring King Charles III, which are due to enter circulation by mid-2024.
The King’s portrait will appear on all four polymer banknotes (£5, £10, £20 and £50) and the new banknotes can be checked in the same way as the polymer notes featuring Queen Elizabeth II. There are no plans to withdraw the banknotes featuring Queen Elizabeth II, meaning the two designs will co-circulate.
The new designs will need to be programmed into cash-handling machines, such as self-checkouts, so that the machines will recognise and authenticate them. Retailers will need to contact the manufacturer of any cash handling machines used in store to arrange this.
It is expected that the notes will enter circulation in mid-2024 so it is recommended that any updates to cash-handling machines are completed by the end of March 2024.
The Bank of England has produced advice for businesses which can be found here and more information about the King Charles III banknotes can be found here.
