The Bank of England has announced the introduction of brand new currency notes featuring the portrait of King Charles III, which are set to be circulated in the UK starting Wednesday. This move makes King Charles III the second British monarch to grace the face of Bank of England notes.
As the new currency notes come into circulation, many are wondering about the status of the old banknotes featuring Queen Elizabeth II. Here’s what you need to know:
Will Old Notes be Invalid?
No, the old banknotes featuring Queen Elizabeth II will not become invalid. Both the old and new notes will continue to be valid and in circulation to ensure a smooth transition.
What Should People Do About Old Banknotes?
According to the Daily Express, people can return their old banknotes until June 30. Between June 5 and June 30, individuals can exchange their old notes for the new ones up to a value of £300. The new banknotes look identical to the previous ones, except they feature the image of King Charles III.
How to Exchange Banknotes?
People can exchange their banknotes at Bank of England counters from June 5 to June 11, located at Threadneedle Street in London. Alternatively, individuals can also exchange their banknotes by filling out an application form, which is available to those living at a UK address.
Can People Still Use Old Notes?
Yes, old banknotes featuring Queen Elizabeth II will continue to remain valid and will circulate alongside the new notes. The introduction of new banknotes is primarily to replace old and worn-out notes gradually.
Preview of Banknotes
Before approval by the Bank of England, King Charles III previewed the new banknotes at Buckingham Palace. During this event, he was presented with banknotes of lower denominations.
This transition to new banknotes is part of the ongoing updates in currency design, ensuring that UK banknotes remain secure and up-to-date.
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