The design for the first set of bank notes to feature new monarch of Britain, King Charles III, was unveiled by the Bank of England here on December 20.
The 74-year-old monarch’s portrait will appear on the existing designs of all four polymer banknotes in the denominations of 5, 10, 20 and 50 pounds with no other changes to the existing designs of the notes that feature his late mother Queen Elizabeth II's portrait.
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The new notes with the King are expected to enter circulation by mid-2024 and the current notes featuring the Queen will continue to be in regular use in parallel.
“I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III,” said Bank of England Governor Andrew Bailey.
“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,” he said.
The King’s image will appear on the front of the banknotes as well as in the see-through security window, which is included in U.K. currency for added protection against fraud.
All polymer banknotes carrying a portrait of Queen Elizabeth II remain legal tender, which means they can continue to be used as normal.
In line with guidance from the U.K.’s Royal Household, to minimise the environmental and financial impact of this change, new notes will only be printed to replace worn out banknotes and to meet any overall increase in demand for banknotes, the Bank of England said.
Notes featuring Queen Elizabeth II and King Charles III will therefore co-circulate for years ahead.
Although the note designs unveiled this week will feature a new portrait of the monarch, the reverse side of each note remains unchanged.
The current set, dubbed series G, features the following famous British characters in the designs on the reverse: 5 pound– war-time Prime Minister Winston Churchill; 10 pound – Author Jane Austen; 20 pound - artist JMW Turner; and 50 pound– coder Alan Turing.
Older paper bank notes were phased out to bring in the polymer versions in recent years.
While paper bank notes are longer legal tender and cannot be used as a means of payment, they can be presented for exchange either in person at the Bank of England premises in London or sent in by post.
