On Tuesday, the Bank of England revealed the designs for the first banknotes featuring King Charles III’s image, estimating that they will be in circulation by the middle of 2024.
“The portrait of The King will appear on existing designs of all four polymer banknotes (£5, £10, £20, and £50),” the central bank said.
“The King’s image will appear on the front of the banknotes, as well as in a cameo in the see-through security window.”
Following the passing of his mother, Queen Elizabeth II, in September, Charles, 74, ascended to the throne.
The Royal Mint has already stated that the first coins featuring his portrait went into circulation earlier this month.
According to AFP, the new banknotes have an engraved portrait of Charles that was created using a royal family photo that was made accessible in 2013.
It stated that the notes would begin to be mass manufactured in the first half of 2023 after the design had been “finalized in the recent months” and received the king’s blessing.
The current polymer banknotes with the image of the queen, which have gradually replaced the paper currency in the UK since 2016, will continue to be accepted as legal cash.
The central bank stated that the new notes will only be issued to replace worn-out predecessors and to satisfy any overall rise in demand, which will minimize the change’s financial and environmental effects. As a result, notes with images of both monarchs will start to circulate around the middle of 2024.
“I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III,” its governor Andrew Bailey said in a statement.
“This is a significant moment, as The King is only the second monarch to feature on our banknotes.”