The Governor of the Bank of England has presented King Charles with the first banknotes that include his portrait.
He described the notes as “very well designed” and expressed his surprise at being only the second monarch to feature on them.
Charles was given a leather-bound booklet containing the historic legal tender from Andrew Bailey at Buckingham Palace on Tuesday.
Just over a year and a half since the start of his reign, seeing his image on the new polymer notes is a milestone moment for the monarch.
Charles inspected the four £5, £10, £20 and £50 notes – the first low-numbered note of each denomination with 01 000001 serial numbers – and pointed and smiled at the details as Mr Bailey turned the pages, showing the front and back.
They were joined by Sarah John, the Bank of England’s Chief Cashier, whose signature appears on the currency, and the King gave a broad grin as he greeted his guests in the 1844 Room.
King Charles is the second British monarch to feature on banknotes
Charles is the second British monarch to have a portrait on the Bank of England’s notes and it’s the first time one sovereign’s image has been replaced with another.
Notes began to be issued from the late 17th century but it wasn’t until 1960 when Charles’s mother, Queen Elizabeth II, was the first British sovereign to be given the honour on a £1 paper note.
Before this, only Brittania had appeared.
Mr Bailey said as he prepared to hand over the book: “We have come to present you with your bank notes.”
It prompted Charles, who was stood with his hands behind his back, to chuckle and remark: “Oh right.”
Mr Bailey told him: “This is quite a big moment because we’ve never changed the sovereign on the bank notes because the Queen was the first sovereign to be on the bank notes.”
Charles replied: “This is what is so surprising. You would think that it goes back.”
The King inspected the notes and praised the intricate features incorporated to prevent counterfeits, saying: “A lot trouble taken in on the security side.”
“They’re very well designed I must say,” he added.
Five incredibly rare and valuable British coins
When will the new banknotes come into circulation?
The money will be issued gradually into circulation from June 5 with Charles’s portrait featuring on the front of the banknotes, as well as in cameo in the see-through security window, visible on the front and back.
Recommended reading:
- How to get your old coins valued - are you sitting on a fortune?
- Check your change for King's coronation 50p coins as Royal Mint releases them today
- Production begins on the first coins featuring the King
The reverse side characters remain unchanged from previous editions – with Sir Winston Churchill on the £5, Jane Austen on the £10, JMW Turner on the £20 and Alan Turing on the £50.
Will the old banknotes still be legal to use?
Existing notes featuring the portrait of the late Queen Elizabeth will continue to be legal tender, so the Elizabeth II and King Charles III notes will co-circulate.
New notes will only be printed to replace worn-out ones and to meet any overall increase in demand in order to minimise the environmental and financial impact of the change – in keeping with the Royal Household’s request.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here