People who have King Charles banknotes in their wallet and purses 'warned'

The Bank of England has issued an urgent warning over new King Charles notes as scammers strike. Data from the Bank of England and Raisin UK reveals that in 2023 116,000 counterfeit banknotes, equivalent to a nominal £2.5 million, were taken out of circulation.

Raisin UK's savings expert and co-founder Kevin Mountford 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."

"Familiarise yourselves with the look and feel of the new notes," he advised. "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."

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"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 marketplaces like Facebook, and any cash-in-hand jobs."

The key is to look out for a change in the hologram wording of the note's denomination when tilting the note from side to side. For example, on a £5 note, the word should alternate between 'Five' and 'Pound'.

The new banknotes, the first to feature a sovereign other than Queen Elizabeth II, were released in June and will circulate alongside old notes featuring the former Queen. 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 metallic image over the window should be gold for £5 and £10 notes, a mix of gold and blue for £20 notes, and gold and green for £50 notes. The window should also display a portrait matching the printed monarch.