New bank notes with portrait of King Charles III to be unveiled by end of year
27 September 2022, 00:14 | Updated: 4 November 2022, 09:44
Images of updated banknotes, with a portrait of King Charles, will be revealed by the Bank of England by the end of this year.
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Coins and banknotes featuring King Charles III and Queen Elizabeth II will co-circulate, with coins and notes featuring the Queen replaced over time as they become damaged or worn.
The Royal Mint has said that coins bearing the effigy of the King will enter circulation in line with demand from banks and post offices, and will circulate alongside coins featuring the Queen "for many years to come".
New banknotes featuring Charles are expected to enter circulation by mid-2024, with the King's portrait appearing on existing designs of all four denominations of bank note - £5, £10, £20 and £50.
The notes will be a continuation of the current polymer note design, and means no additional design changes will be required, according to the Bank of England.
In line with guidance from the Royal Household to minimise the environmental and financial impact of the change of monarch, existing stocks of notes featuring the Queen will continue to be issued into circulation, the Bank of England said.
New notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes.
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Current banknotes featuring the portrait of the Queen will continue to be legal tender - only being removed from circulation when they are worn or damaged. This means current banknotes will co-circulate with the new notes featuring Charles.
The Royal Mint said it will unveil further details about coins featuring the King over the coming weeks.
All UK coins bearing the effigy of the Queen will remain legal tender and in active circulation, the Mint said.
There are thought to be around 27 billion coins currently circulating in the UK bearing the Queen's image.
Historically it has been commonplace for coins featuring the images of different monarchs to co-circulate, allowing for a smooth transition with minimal environmental impact and cost.
Anne Jessopp, chief executive officer, the Royal Mint, said: "We are honoured to have struck each UK coin of her late majesty's reign, documenting her journey from young Queen to respected head of state.
"As official coin maker to the UK, we have told the story of each monarch since Alfred the Great and are now preparing for the biggest change in British coinage for several decades.
"The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices. This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come."
