Breaking News: Expert issues warning over new King Charles banknotes

New banknotes featuring the portrait of King Charles III entered circulation earlier this month. It may be some time before they are commonly seen in wallets and purses, yet an urgent warning has been issued as scammers take the opportunity to circulate forgeries.

According to data from the Bank of England and Raisin UK, 116,000 counterfeit banknotes, worth a nominal £2.5 million, were removed from circulation in 2023. Despite new security features on the plastic banknotes that make forgeries easier to detect, vigilance is still required.

Savings expert Kevin Mountford, co-founder of the online savings platform Raisin UK, is urging people to check their notes, particularly when paying by cash at retailers and sole traders. He said: “For the foreseeable future, both Queen Elizabeth II and King Charles III banknotes will be circulating.

“Security features are present on all of these notes, allowing you to check notes to prevent forgeries.” Kevin said there were ways to check banknotes are genuine:

Tilt the note from side to side and check the words change between the note’s value. For example, a £5 note will show the text “Five” and “Pound” in the hologram image.
See-through window: The metallic image over the window should have specific colours – gold on the £5 and £10, gold and blue on the £20, and fold and green on the £50. The window should also feature a portrait matching the printed monarch

Familiarise yourselves with the look and feel of the new notes,” he added. “Forgeries are often much easier to detect now these banknotes have improved from previous paper ones – however, criminals may still attempt to exploit the changes.”

As rare as counterfeit banknotes are, they are also worthless, and you cannot be reimbursed for any counterfeit notes you have come across. If you suspect you have a counterfeit, you should take the note to your nearest police station so the note can be sent to the National Crime Agency for further examination.

“Most retailers regularly check banknotes, so it’s unlikely you will come across a counterfeit when shopping with trusted retailers,” Kevin added. “You should be more cautious about accepting cash from markets, online