In December, we unveiled new designs of our notes featuring a portrait of King Charles III on the front, which are expected to enter circulation by mid-2024. There are no other changes to the existing designs, so these notes can be checked using the same security features as existing Queen Elizabeth II notes. The two designs will co-circulate and there are no plans to withdraw Queen Elizabeth II notes before the end of their usable life. This is in line with guidance from the Royal Household, to minimise the environmental and financial impact.
If your business uses, or is responsible for, any machines that accept, sort or check notes, you will need to plan for their adaptation to work with the new note designs. While we have not yet finalised the issue date for the King Charles III notes, based on the most likely timeline we ask that you complete your machine updates by the end of March 2024.
In preparation, manufacturers will begin to release updates for you to install in your machines from September 2023. Please check with your manufacturers directly on their individual timelines as it may be some time later for certain machines.
Counterfeits of withdrawn banknotes
Since 1 October 2022, Bank of England paper notes have not had legal tender status, but criminals are still using counterfeit versions of withdrawn paper notes to defraud businesses. Please make sure that everyone at your business who is involved in cash transactions knows not to accept any Bank of England paper notes. Scottish banknote issuers have also withdrawn all paper £5, £10, £20 and £50 notes, while Northern Ireland issuers have withdrawn all paper £5, £10 and £20 notes.
