The Bank of England has revealed the new designs for banknotes featuring King Charles III ahead of their circulation by the middle of 2024. The image of the King will feature on the front of the banknotes, as well as in the see-through security window.
According to the Bank, the King’s portrait will be the only change on existing designs of its £5, £10, £20 and £50 polymer notes. All existing plastic banknotes featuring Queen Elizabeth II will still be accepted as legal tender, the Bank confirmed, and people can still use them.
It intends to only print new banknotes to replace those that are worn and when needed to increase notes in circulation following guidance from the royal household to keep the environmental and financial impact of the change to a minimum.
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This would see notes featuring Queen Elizabeth II and King Charles III “co-circulating”, according to Threadneedle Street.
Bank 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.”
Fifty pence coins featuring the image of King Charles III are entering circulation this month, with 4.9 million coins being distributed across 9,452 Post Office branches nationwide.
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