The Bank of England on Tuesday unveiled a new set of banknotes bearing the image of the new British monarch.
The portrait of King Charles III will appear on existing designs of all four polymer banknotes bearing £5, £10, £20 and £50 denominations.
There are no other changes to the existing designs.
The King’s image will appear on the front of the banknotes, as well as in cameo in the see-through security window.
Bank of England said that the new notes are expected to enter circulation by mid-2024.
The Bank also made it clear that all the current banknotes carrying a portrait of Queen Elizabeth II remain legal tender, and the public can continue to use these as normal.
In line with guidance from the Royal Household, to minimize the environmental and financial impact of this change, new notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes.
Notes featuring late Queen Elizabeth II and King Charles III will co-circulate in Britain.
Although the note designs unveiled today will feature a new portrait of the monarch, the reverse side of each note remains unchanged.
The reverse side features the following characters in the designs: £5 – Winston Churchill, £10 – Jane Austen, £20 JMW Turner, £50 – Alan Turing.
Speaking ahead of the release of the new design, Bank of England Governor Andrew Bailey said, “I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III. This is a significant moment, as The King is only the second monarch to feature on our banknotes. People will be able to use these new notes as they start to enter circulation in 2024.”
Bank of England issued notes featuring the image of Queen Elizabeth in 1960.
It is estimated that about 4.5 billion Bank of England notes worth about £80 billion is currently in circulation.
Paper banknotes are no longer legal tender, and cannot be used as a means of payment. However any old series Bank of England notes can be presented for exchange either in person at the Bank’s premises in London, or sent by post, Bank of England said in a press release.
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