How to be ready for the new King Charles Banknotes

Clubs need to be aware of new King Charles banknotes

Banknotes carrying a portrait of King Charles III will be issued for the first time on 5 June 2024. The portrait of the King will appear on existing designs of all four banknotes (£5, £10, £20 and £50). Other value notes will not be affected or issued.

See specimen examples of the new King Charles III notes here.

However, clubs will not need to get rid of their current or old notes. Notes using the image of the late Queen will remain in circulation and therefore should be kept for continued use by businesses. This will help to minimise the economic and environmental impact of this change.

Does my clubhouse need to update its betting machines or vending machines?

If your club hosts a cash withdrawal machine, you may need to plan for adaption.

If your club has a vending machine, it may need updating.

If your bar offers gaming machines which can accept banknotes, or your pub has a betting machine, they will also need updating.

The Bank of England have asked that all businesses complete relevant machine updates before 5th June 2024.

In preparation, banknote equipment manufacturers releasing updates for you to install in machines now. Please check with your manufacturers directly on their individual timelines.

How to exchange old bank notes?

Exchanging an old bank note will require a UK bank account.

The quickest way to be rid of your old banknotes is to pay them into your bank account. Banks that accept older paper notes as deposits that are still valid include:

Barclays

Halifax

Lloyds

Nationwide

NatWest

Santander

To maintain your reserves of cash, withdraw directly from the bank at a clerk to receive new notes.

The Post Office will also accept most old notes as a deposit – there are 30 post offices across the country that will swap old banknotes. This method is suitable if you have £300 or less, and will require photo ID.

What will the new King Charles banknote look like?

See an example of the banknote here.

The King’s image will be on the front as well as in the see-through security window. All other security feature will remain the same.

Notes featuring the King and notes featuring the late Queen will be in circulation together.

How to spot fake banknote fraud?

Review the bank notes here

Each note has key security features and design features. These include:

Hologram image saying ‘Five’ and ‘Pounds’

Queens portrait in the see through window

Colour changing border

Silver foil patch

Feel of polymer and a raised print

Print quality

Number revealed under ultra-violet light

Unique numbering in the bottom right

Free online bank note training is available with the Bank of England.

Download these links to share how to check the banknotes you receive.