King Charles banknotes: Portsmouth one of the first places to have new notes in the country

Post Offices around the country will be receiving the new-look currency on Wednesday, 4 June, including Portsmouth Post Office. The new banknotes will co-circulate alongside those featuring Queen Elizabeth II.

The portrait of Charles will appear on all four banknotes – the £5, £10, £20 and £50 – with no other alterations to the existing designs. However, people may only start to see the new notes appear in their change very gradually. There are more than 4.6 billion Bank of England notes in circulation, worth about £82 billion.

In line with guidance from the Royal Household, the new notes will only be printed to replace those that are worn, and to meet any overall increase in demand. The approach aims to minimise the environmental and financial impact of the change.

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.”

Karen Stonham, branch manager at the Portsmouth Post Office, said: “Our local customers come into our branch every day to withdraw or deposit cash for their daily needs, so we were excited to be one of the first branches to have the new banknotes available.”

Ross Borkett, banking director at the Post Office, said: “This historic launch of the new banknotes featuring King Charles III comes as we experience the highest levels of cash withdrawals and deposits in Post Office branches. We’re pleased to be able to mark this day by giving people the opportunity to withdraw the new notes from our branches.”

While banknotes featuring Queen Elizabeth II remain legal tender and there is no need to exchange them, people who are interested to see the new banknotes can now get their hands on them.

The Bank of England has put temporary facilities in place to allow people to obtain a limited amount of the King Charles III banknotes. It has set up a postal exchange service, running from June 5 to 30, up to a limit of £300 per customer. An application form and further details are on the Bank of England’s website.