Meet the new face of the Great British Pound!
The United Kingdom has crowned its new king and is slowly introducing updated state symbols, titles, and monetary items such as stamps, coins, and banknotes. Learn more about the future of your cash and how you can prepare yourself and your business.
Redesigning your banknotes
Your banknotes are getting a small makeover. Next year (mid 2024) the Bank of England will officially introduce its new polymer banknotes featuring His Majesty King Charles III.
All four denominations (£5, £10, £20, £50) will receive small design updates where the portrait of late Queen Elizabeth II, on the front and transparent window of the banknotes, will be replaced by that of the new king. Besides the adjusted portrait, the banknotes will not contain any other visible design changes. This means that the colour, layout and back of the banknotes will remain as they are. Making it easy to recognise and process them.
The current banknotes featuring the late queen, will remain legal tender and will be circulating alongside the new versions. This means that next year not four, but eight different banknotes can be used during cash transactions. It is therefore important to prepare yourself, your team and your business for the new arrivals. We will keep you up-to-date about the banknotes in the upcoming months and provide you with product information and (possible) software updates ahead of the introduction date. So, you will be as ready as we are!
Changing your change
Besides banknotes, you can also find the king on your loose change. The Royal Mint has already started the introduction, pressing process, and distribution of 9.6 million new 50p coins. They will follow up with other denominations as the demand grows.
The adjusted coins have not changed in shape, size or weight, which means that you can still use your Safescan coin counter or money counting scale to process, count and sort them. No updates necessary!
The following sources have been consulted and used as references in this article:
https://www.bankofengland.co.uk/news/2022/september/boe-banknotes-featuring-hm-king-charles-iii
https://www.bankofengland.co.uk/banknotes/king-charles-banknotes
https://www.bbc.com/news/business-63888781
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