Poundbury Post Office has been chosen as one of a select few branches where new banknotes featuring the King's portrait will be issued from today.

People will be able to snap up the new-look currency at selected Post Office branches, with Poundbury selected as one of 14 branches to make the notes available on the first day of the roll out. 

The Dorset community has been selected because it is an area reflecting the King’s architectural principles.

READ: King Charles III's major role in creating Poundbury

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.”

The chosen Post Offices will initially have £5, £10 and £20 denominations of the new banknotes.

READ: King Charles to arrive in Poundbury for first time as King

Thousands of Post Offices will receive the new-look currency over the coming days and weeks.

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

However, people may only start to see the new notes appear in their change very gradually.

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.

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.

READ: King Charles and Queen Camilla met by crowds in Poundbury

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.

Recent figures from Post Office revealed a significant increase in cash transactions at its branches in April, with cash deposits and withdrawals across counters totalling a record £3.48 billion.

Ross Borkett, banking director at the Post Office, said: “This historic launch of the new banknotes featuring King Charles III comes as we experience the highest levels of cash withdrawals and deposits in Post Office branches.

“We’re pleased to be able to mark this day by giving people the opportunity to withdraw the new notes from our branches.”

While banknotes featuring Queen Elizabeth II remain legal tender and there is no need to exchange them, people who are interested to see the new banknotes can now get their hands on them.

READ: Poundbury: Association 'shock' over King's cancer diagnosis

The Bank of England has put temporary facilities in place to allow people to obtain a limited amount of the King Charles III banknotes.

It has set up a postal exchange service, running from June 5 to 30, up to a limit of £300 per customer. An application form and further details are on the Bank of England’s website.

Graham Mott, director of strategy at ATM and cash access network Link, added: “While more people are paying for things online or using contactless cards, cash use remains popular, with over 70 per cent of adults spending cash at least once a fortnight.

“As King Charles III banknotes begin to enter circulation, they will steadily be available through all cash machines as worn notes are withdrawn.”