'Act now' warning as new rules on King Charles banknotes come into force
Old notes featuring Queen Elizabeth II are still legal tender and will continue to be circulating alongside the new ones.
An "act now" warning has been issued as brand new banknotes featuring the portrait of King Charles are due to be circulated on Wednesday.
The new notes will feature the same designs as before, with the only change being the face of the King as opposed to that of the late Queen. Surprisingly, this makes him only the second British monarch to be the face of the Bank of England's notes.
However, introducing new notes has left many people wondering what to do with their old ones, and the Bank of England has introduced a one-time-only rule to help people get rid of their old money.
From June 5 to June 30, you can exchange old banknotes up to the value of £300 for the new ones featuring the King by filling out an application form, as long as you live at a UK address.
You can also go to the Bank of England counter at Threadneedle Street, London, between June 5 and June 11 to exchange your old banknotes for the new ones, with the same £300 per customer rule applying.
Old notes featuring Queen Elizabeth II are still legal tender and will continue circulating alongside the new ones, so you don't have to exchange them if you don't want to.
The new ones are being printed to replace worn-out notes and meet the increase in demand, as the Royal Family seek to minimise the environmental and financial cost of the change in monarch.
The King was given an early preview of the notes at Buckingham Palace by the Governor of the Bank of England. He was presented with the first low-numbered £5, £10, £20, and £50 notes with serial numbers 01 000001.
He said it was a "very good photograph" of Sir Winston Churchill, who remains on the other side of the £5 note and called the £20 and £50 notes "very elegant".
Auctioneers Spink & Son is auctioning off rare, low-serial numbered new banknotes for charity later this month. Members of the public will also be able to enter a ballot to buy a set of notes.
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Banknotes have been used since the late 17th century, but the late Queen was the first monarch to feature on them in 1960 when her portrait was put on the £1 note.
The King's portrait will be on the front of the notes and be visible through the transparent security window, but the faces on the other side will remain the same.
Sir Winston Churchill will remain on the £5 note, Jane Austen on the £10, JMW Turner on the £20, and Alan Turing on the £50.
