The Bank of England will reveal images of updated bank notes featuring King Charles instead of the late Queen towards the end of 2022.
Coins and banknotes featuring King Charles III and Queen Elizabeth II will co-circulate at first. Currency with Queen Elizabeth's portrait on will be withdrawn over time as they become damaged or worn.
The Bank of England says to expect currency featuring either the King and or the late Queen to be co-circulate "for many years to come", so there is no need to get rid of notes and coins with the Queen's effigy on. Notes are still being printed with the Queen's face on and will continue to be used.
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The new notes will be made out of polymer, like the current ones, which replaced paper currency over the previous decade.
Anne Jessopp, chief executive officer, the Royal Mint, said: “We are honoured to have struck each UK coin of her late majesty’s reign, documenting her journey from young Queen to respected head of state.
“As official coin maker to the UK, we have told the story of each monarch since Alfred the Great and are now preparing for the biggest change in British coinage for several decades.
“The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices. This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come.”
When King Charles bank notes and coins will enter circulation
The designs for new notes and coins are expected to be revealed towards the end of 2022. The Bank of England is likely to introduce the new coins and notes into circulation by mid-2024.
What happens to money with the Queen's face on?
Cash with the Queen's portrait on will co-circulate and be used alongside the Charles III notes and coins. You will still be able to use currency with Queen Elizabeth II's face on for "many years to come", says the Royal Mint.
Queen Elizabeth II notes and coins will be phased out naturally as they get damaged.
There are around 27 billion coins currently circulating in the UK bearing the effigy of the Queen. These will be replaced over time as they become damaged or worn, and to meet demand for additional coins.
In line with guidance from the Royal Household to minimise the environmental and financial impact of the change of monarch, existing stocks of notes featuring the Queen will continue to be issued into circulation, the Bank of England said.
Will the person on the other side of the notes change?
The £5, £10, £20 and £50 notes will feature King Charles III on one side, but the famous figures on the other side of the notes - Sir Winston Churchill, Jane Austen, JMW Turner and Alan Turing - will not change.
The Bank of England says: "His Majesty’s portrait will appear on existing designs of all four polymer banknotes (£5, £10, £20 and £50). This will be a continuation of the current polymer series and no additional changes to the banknote designs will be made."
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