Images of updated banknotes featuring a portrait of the King will be revealed by the Bank of England by the end of this year. Coins and banknotes featuring King Charles III and Queen Elizabeth II will co-circulate, under the plans.
Currency featuring the Queen will be replaced over time as coins and notes become damaged or worn. The Royal Mint said that coins bearing the effigy of the King will enter circulation in line with demand from banks and post offices, and will circulate alongside coins featuring the Queen “for many years to come”.
New banknotes featuring Charles are expected to enter circulation by mid-2024 and his portrait will appear on existing designs of all four denominations of banknote (£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, the Bank of England said.
