The Bank of England reiterated on Tuesday that the first banknotes featuring the image of King Charles III would go into circulation by the middle of 2024. There will be no additional modifications to the current designs of the four polymer banknotes ($5, £10, £20, and $50), the central bank announced.
Writing about the same in a statement, the bank officials said, “The King’s portrait will appear on existing designs of all four polymer banknotes.” The King’s likeness can be seen on the front of the banknotes and in a little cameo on the transparent security window.
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The Royal Mint has already stated that the first coins featuring his portrait went into circulation earlier this month. According to AFP, the new banknotes have an engraved portrait of Charles that was created using a royal family photo that was made accessible in 2013.
It stated that the notes would begin to be mass manufactured in the first half of 2023 after the design had been “finalized in the recent months” and received the king’s blessing.
The current polymer banknotes with the picture of the queen, which have gradually replaced paper currency in the UK since 2016, will continue to be accepted as legal cash. The central bank stated that the new notes will only be issued to replace worn-out predecessors and to satisfy any overall rise in demand, which will minimize the change’s financial and environmental effects.
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As a result, notes with images of both monarchs will start to circulate around the middle of 2024. In a statement, the bank’s governor Andrew Bailey said, “I am quite happy that the Bank is announcing the design of our new banknotes which will include a likeness of King Charles III.” He further added, “The King is only the second monarch to appear on our banknotes, therefore this is a big occasion.”
