New banknotes featuring King Charles III enter circulation from 5 June 2024, but what happens if you get a fake one?
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The Bank of England is releasing four new banknotes.
They are identical to the notes you’re used to seeing, apart from the portrait will be changed from the late Queen to the new King.
The banknotes will run alongside the current ones, and notes with the Queen will still be legal tender.
This means there will be 8 banknotes in total circulation, but new ones will only be printed when the old ones become damaged or if demand increases. New coins were released earlier in the year.
However, it also leads the way for con artists to try and profit off something new.
If you get a new banknote, you can use the same checks to make sure it has the right security features.
- The King’s head will appear on the front and in a see-through security window.
- The hologram image changes between the value and the word pounds when you tilt it from side to side
- Look at the metallic image over the window. The foil on the front of £5 and £10 notes is gold, blue on the front for £20, and gold and green on the front of £50.
There are more individual features on each bank note which you can find on the Bank of England site.
Remember when the new polymer notes were released? Ones with AA00 or other low codes started selling on eBay for a lot more than their face value! Do you think this will happen again with these ones?
What if I get a fake banknote?
Fake bank notes are worthless, and if you try to spend in a shop, it can be taken away from you.
The Bank of England will not reimburse you for counterfeit notes, so you will have directly lost money from the fraud.
Don’t try to use it
Don’t try to spend the counterfeit note.
It’s illegal to pass on a fake banknote knowingly, and shops can keep the fake note and contact the police.
Take it to the bank or Post Office
Visit your bank or local Post Office and they will examine the note and, if it is indeed counterfeit, they will keep it.
You might be asked to fill out a form to provide details of where you got the note.
Unfortunately, you won’t get any money back for the fake note, but it’s important to help prevent further circulation.
Report it to the police
While you are not in trouble for having the counterfeit note, reporting it to your local police station can help them investigate and track down the source of the counterfeit money.
They may ask for details on where and when you received it.
Keep your receipts
If you received a counterfeit note from a business or ATM, keep any receipts or transaction records.
This can help trace where the fake note came from, which can be useful for the authorities.
Where can I get a new banknote?
There will be a rush on the notes as collectors swoop in to get their hands on them first.
Banks will only be releasing notes in limited amounts.
However, you can also use the postal exchange service and send your Queen notes to The Bank of England, along with an application form, for them to enhance it with one of the King.
You can exchange a maximum of £300 from 5 June to 30 June 2024.
Naomi knows the burden of living on very little and became debt free by following her own money saving tips and tricks. She is an expert on saving money at the supermarket and side hustles.
