Collectors descend on Bank of England to get hands on first King Charles bank notes

Londoners have queued to be among the first to get their hands on brand new bank notes bearing the image of King Charles III.

The King is only the second British monarch to grace the Bank of England’s notes.

People queued outside the doors of the bank in central London on Wednesday morning to be among the first to receive the new-look notes, on the day they entered circulation.

The first person through the bank’s doors as it opened at 8am was from a coin merchant from a shop near Leicester Square.

A Bank of England security guard told the Standard the man had arrived with a chair on Tuesday evening and waited overnight. He said he took him a cup of tea at 5.30am, as he waited for the doors to open.

Mike and Susan Harrison were also among the first to get the notes at the Bank of England.

“We’ve travelled up from York yesterday for today, purely to get the new bank notes for my own collection and for my grandson’s collection,” Mr Harrison told the Standard.

“They’re the new bank notes with the new King on...that’s big. It’s big.”

Mrs Harrison said she thought the notes “look lovely” and that grandson Freddie, 10, “will be impressed”.

The new banknotes will co-circulate alongside those featuring Queen Elizabeth II.

The portrait of Charles will appear on all four banknotes – the £5, £10, £20 and £50 – with no other alterations to the existing designs.

Keen coin collector Jan Paoli also travelled down from his home outside Sheffield on Tuesday night, to get his hands on the new tender.

“I’ve been collecting coins for quite a while, so a new bank note...I must come down, really,” Mr Paoli, who runs a coffee and patisserie business, told the Standard.

“So yeah I made the trip and I managed to get them this morning - £300 worth.” Mr Paoli said he planned to put the notes into storage, and said they will “hopefully” appreciate in value given their low serial numbers.

Jeff Turner-Ross, from Chadwell Heath in Essex, was passing the Bank of England on business when a member of staff told him about the new notes, and he decided to pop in to get some.

“My grandson Charlie can have my two £5 notes with King Charles on,” he said. “He’s only two-and-a-half. I think it’ll be a nice keepsake for when he’s older. Aren’t they lovely?”

Those visiting the Bank of England were not able to withdraw the notes, but instead exchange them for older cash, up to the value of £300.

The notes were also available at some Post Office branches on Wednesday.

Russ Barnes, 50, travelled an hour-and-a-half from his home in Maidstone to Moorgate Post Office - one of the select few due to receive them - only to find it had not received its delivery.

“I’ve arrived here for 8am so I can get them straight away and unfortunately they’ve got none available,” he told the Standard.

“I just wanted to get them as a gift for my children. I was going to get the full set. I thought it would be a nice thing for them to remember.

“[The Royal Family is] part of our state, and you pay close attention to what the royal family is doing, so it is important, and these opportunities don’t come up very often.”

The banknote rollout will be gradual and staggered with only a selection of Post Offices across the country stocking the new currency on Wednesday, and many more set to receive them in the coming days and weeks.

There are more than 4.6 billion Bank of England notes in circulation, worth about £82 billion.

In line with guidance from the Royal Household, the new notes will only be printed to replace those that are worn, and to meet any overall increase in demand.

The approach aims to minimise the environmental and financial impact of the change.

Bank of England Governor Andrew Bailey said: “We’re very pleased to be issuing the new King Charles banknotes.

“This is a historic moment, as it’s the first time we’ve changed the sovereign on our notes.

“We know that cash is important for many people, and we are committed to providing banknotes for as long as the public demand them. Bringing these new notes into circulation is a demonstration of that commitment.”

Although the Bank of England started to produce banknotes in the 17th century, Charles’s mother, Queen Elizabeth II, was the first British sovereign to be given the honour in 1960 on a £1 paper note.

In April, Charles was presented with the first banknotes bearing his portrait.

He praised them as “very well designed” and expressed his surprise at being only the second monarch to feature.