The Bank of England has unveiled new bank notes featuring an image of King Charles III.
The notes, which include the King’s portrait on all four of its polymer bank notes (£5, £10, £20 and £50), are expected to enter circulation in mid-2024.
No other changes have been made to the existing design.
The King’s image will appear on the front of the banknotes, as well as in cameo in the transparent security window.
The bank confirmed that all polymer banknotes carrying a portrait of Queen Elizabeth II will remain legal tender, and the public can continue to use these as normal.
In a bid to minimise the environmental and financial impact of the change, and in line with guidance from the royal household, new notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes.
Notes featuring Queen Elizabeth II and King Charles III will therefore co-circulate.
Despite the change of monarch, the reverse side of the notes will remain unchanged, with the author Jane Austen on £10 notes, the artist JMW Turner on £20 notes, and the computer scientist Alan Turing on £50 notes.
Polymer bank notes were introduced in 2016 and replaced paper notes this year in what the bank described as “an important development”.
The plastic notes were designed for durability and to make them harder to counterfeit.
Speaking ahead of the new release, 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.”
