The Bank of England announced Tuesday that the first banknotes featuring the portrait of King Charles III will enter circulation by 2024.
"The King's image will appear on the front of the banknotes, as well as in cameo in the see-through security window."
No additional modifications will be made to the existing designs of the five-pound, ten-pound, twenty-pound, and fifty-pound polymer banknotes, according to the central bank.
It is expected to take effect in mid-2024 and gradually replace the previous currency bearing the image of his mother, Queen Elizabeth II.
Charles became king in September following Queen Elizabeth’s death at age 96 after 70 years on the throne.
The Bank of England said new notes will only be printed to replace worn-out banknotes and to meet any overall increase in demand for banknotes in accordance with guidance from the Royal Household.
In a statement, Governor Andrew Bailey of the Bank of England said banknotes featuring Queen Elizabeth will not be withdrawn from circulation until worn out, so both types of notes will remain in circulation for a long time.
