The Bank of England has revealed what the new banknotes bearing the likeness of King Charles will look like.
Notes are expected to enter circulation from mid-2024. Besides featuring the King’s portrait on the front and in the see-through security window, no other changes are expected across the £5, £10, £20 and £50 notes.
After the new notes begin to circulate, there will be a window period when shops will still be accepting existing ones that have Queen Elizabeth printed on them, who is actually also the first monarch to appear on a circulating Bank of England banknote.
Plans are in place to reduce the environmental impact by printing new notes only to replace worn out ones or to meet rising demands.
There are already coins in circulation that have the image of King Charles III, with an estimated 4.9 million being distributed to post offices to start handing them out to customers.
Despite a decline in cash usage in favour of card and contactless payments and a falling purchasing power of some banknotes and coins, the new notes are sure to still spark the interest of a sizeable part of the population.
Speaking ahead of the release, 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.”