The Bank of England on Tuesday unveiled new designs of British banknotes featuring the image of new monarch King Charles III.
News reports on the monetary measure indicate that the new £5, £10, £20 and £50 notes will be printed only to replace worn-out currency or to meet any increase in demand, so bank notes with the images of the late queen and the current king will circulate at the same time.
The Bank of England disclosed that the king’s portrait will be the only change on designs of its £5, £10, £20 and £50 polymer plastic notes.
According to a statement from the bank, the new notes will enter circulation in the middle of 2024.
It further clarified that all existing plastic banknotes featuring Queen Elizabeth II would still be accepted as legal tender, with the public able to carry on using them as normal.
The central bank stated that following royal guidance to keep the environmental and financial impact of the change to a minimum, the bank will only print new banknotes to replace those that are worn and when needed to increase the notes in circulation.
Commenting on the monetary initiative, 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”, the governor added.
