The Bank of England has shed some light on what changes will take place now that Charles has become King.
At the moment banknotes show a portrait of Queen Elizabeth II and these will still be able to be used as legal tender.
But the Bank has said that another announcement will be made concerning notes after the period of mourning has passed following the Queen’s death.
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Elizabeth II was the first member of the royal family to appear on Bank of England banknotes, Threadneedle Street said.
New notes and coins showing the portrait of King Charles III are yet to be designed and printed.
It is believed that this process will take some time and therefore they will not be seen in circulation for a while, the Mirror reports.
In order for new coins to be created, The Royal Mint advisory committee has to send the designs to the Chancellor and receive royal approval.
After the final designs are chosen, the choice of which one to use will be made by both the Chancellor and the new King.
New currency will eventually be printed and distributed all over the UK, with the old currency gradually phased out when they are eventually worn out.
Whilst The Queen's coins did not appear until 1953, the year after her accession, the coins are expected to stay in use until they are gradually phased out and replaced.
Governor Andrew Bailey said: “It was with profound sadness that I learned of the death of Her Majesty The Queen.
"On behalf of everyone at the Bank I would like to pass on my deepest condolences to the Royal Family.
"For most of us, she is the only head of state we have ever known, and will be remembered as an inspirational figure for our country and the Commonwealth.”
The building at Threadneedle Street will fly a flag at half-mast as a mark of respect.
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