The Bank of England has announced that it will reveal the images of HM King Charles III on banknotes by the end of the year.
In a statement released on Tuesday, the apex bank said that the new notes are expected to enter into circulation by mid of 2024.
It added that current banknotes feature the Late Queen Elizabeth will continue to be a legal tender.
The statement read, “The Bank of England will reveal images of updated banknotes featuring a portrait of HM King Charles III by the end of this year. The notes are expected to enter circulation by mid-2024.
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.
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 HM Queen Elizabeth II will continue to be issued into circulation. New notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes.
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Current banknotes featuring the portrait of HM Queen Elizabeth II will continue to be legal tender and will only be removed from circulation once they become worn or damaged. They will co-circulate with those featuring HM King Charles III.”
In notes to editors, the bank said that “His Majesty’s portrait will feature on the front of the banknote, as well as in cameo in the see-through security window.
The current series of banknotes (series G) features the following characters in the designs: £5 – Winston Churchill, £10 – Jane Austen, £20 JMW Turner, £50 – Alan Turing.
HM Queen Elizabeth II first appeared on Bank of England banknotes in 1960.
The legal tender status of paper £20 and £50 notes will be withdrawn after 30 September 2022, as previously announced.”
Source: Bank of England
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