Designs for banknotes depicting King Charles III have been unveiled by the Bank of England, with plans to enter circulation in mid-2024.
The UK central bank first announced the design ahead of the coronation in May, saying the king’s portrait would appear on existing designs of all four polymer banknotes currently in circulation – £5, £10, £ 20 and £50.
The King’s image appears on the front of the banknotes, as well as in the clear security window on the banknotes, which are made of polymer plastic. Notes depicting Queen Elizabeth II will also remain legal tender so that the public can continue to use them normally.
Threadneedle Street said plans have been made in line with Royal Household guidelines to minimize the environmental and financial impact of the change by printing only new banknotes to replace worn banknotes, and to meet an overall increase in banknotes ask about the currency.
This means banknotes featuring Queen Elizabeth II and King Charles III “co-circulate,” it said.
King Charles becomes only the second monarch to appear on a Bank of England UK note. Although the Bank of England has been producing paper money since the late 17th century, an effigy of the reigning monarch was first displayed on a 1960 issue by the bank, when the £1 note featuring Queen Elizabeth II was introduced for daily use usage. Coins, however, have been a hallmark of the monarch for centuries.
The Queen’s head also appears on $20 banknotes in Canada, on coins in New Zealand, and in some other Commonwealth countries.
The use of physical currency has steadily declined in recent years with the rise of card and contactless payments. However, more than 4.7 billion Bank of England notes featuring the Queen remain in circulation, worth about £82 billion.
It comes after the phasing out of paper banknotes and the introduction of banknotes printed on polymer – a thin and flexible plastic material – since the introduction of the £5 note featuring Winston Churchill on the back in 2016.
While the banknote designs unveiled by the Bank will feature a new portrait of the monarch, the reverse will remain unchanged, with author Jane Austen on the £10 notes, artist JMW Turner on the £20 notes and computer scientist Alan Turing on the 50 pound notes. Security features, including holograms and plastic windows, also remain unchanged.
The note’s launch will be one of the most notable changes for royal symbols since the Queen’s passing in September; in addition to new coins, stamps and the King’s CR monogram for use on state documents and letterboxes.
Andrew Bailey, the Governor of the Bank, said: “I am very proud that the Bank is releasing the design of our new banknotes, which will feature a portrait of King Charles III. This is an important moment, as the king is only the second monarch to appear on our banknotes. People will be able to use these new notes once they enter circulation in 2024.”
