The Bank of England is replacing old banknotes featuring Queen Elizabeth with new ones featuring King Charles III. People can exchange their old notes for new ones until June 30, with a limit of £300.
About New Notes
The portrait of the 75-year-old British monarch will appear on existing designs of all four banknotes-GBP 5, 10, 20 and 50- with no other changes to the existing designs. Polymer banknotes that feature the portrait of his late mother, Queen Elizabeth II, will remain legal tender and co-circulate alongside the new King Charles III notes.
How to exchange banknotes
Individuals have till June 30 to exchange their currency. Between June 5 and June 11 at the Bank of England counter on Threadneedle Street, customers can visit the BoE counters to exchange their monies. Through the completion of an application form, individuals can also swap their banknotes. Residents of the United Kingdom are eligible to use the procedure.
What will be with the old notes
Old banknotes featuring Queen Elizabeth II will continue to remain valid and will remain in circulation along with new one. Bank of England said that the new banknotes have been printed out to replace the old and worn-out notes.
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