In December 2022, the Bank of England unveiled the new designs of banknotes featuring a portrait of HM King Charles III. As part of the transition to these new notes, the Bank of England has provided important updates for Bira members, especially those using machines that accept, sort, or check banknotes.
Key Points:
1. New Note Designs: The new banknotes showcase a portrait of HM King Charles III on the front. It is crucial to note that apart from this change, there are no alterations to the existing designs. The new notes can be authenticated using the same security features as the existing HM Elizabeth II banknotes. Both designs will co-circulate, and there are no plans to withdraw HM Elizabeth II notes before the end of their usable life.
2. Machine Updates Deadline: For businesses using machines that interact with banknotes, it is imperative to plan for machine adaptation to accommodate the new note designs. Although the issue date for these notes has not been finalized, the Bank of England suggests completing machine updates by the end of March 2024.
3. Manufacturer Updates: Manufacturers have commenced releasing updates for machines, starting from October 2023. It is recommended to check with individual manufacturers directly for specific timelines, as some machines may receive updates at different intervals.
4. Contact for Queries: For any questions or clarifications, members are encouraged to contact the Bank of England at CashIndustry.Enquiries@bankofengland.co.uk.
FAQs:
Why do I need to update my machines?
The programming of the new note designs is essential for machines to recognize and authenticate them.
Will ATM ‘dispensing only’ machines need to be adapted?
Contact your manufacturer. The King Charles notes can co-circulate with Queen Elizabeth notes, and cassettes can contain a mixture of both notes.
Will self-service checkouts need to be updated?
Yes, they need updates to accept and check the King Charles notes. Cassettes can also contain a mixture of Queen and King notes.
Will my UV lamp work with the new notes?
Yes, the UV feature remains unchanged, allowing King Charles notes to be checked in the same way.
Will banknote weighing machines need to be adapted?
Contact your manufacturer. King Charles notes are made to the same size and weight as Queen Elizabeth notes.
What if I want to do my own testing before adapting my machines?
Contact your machine manufacturer first. If you wish to conduct your own testing, contact exemplars@bankofengland.co.uk to initiate the process.
Field Testing for Engineers:
Arrangements have been made for field testing with notes. Specific rules and legal agreements must be adhered to for safekeeping and testing.
Banknote Checking Training Materials:
Any necessary changes to training materials will be made in advance of King Charles notes entering circulation. Training materials will be available on the Bank of England's website.
Bira encourages its members to stay informed and take the necessary steps to adapt their machines in a timely manner. For further details, visit www.bankofengland.co.uk.