The Bank of England has announced that bank notes featuring the image of recently crowned King Charles III will begin to enter circulation following the death of his mother, Queen Elizabeth II.
The Bank made the announcement in a press release on its website on Tuesday, September 27, 2022, but Brits will have to wait a while to get their hands on the new notes, as they enter circulation from mid-2024.
According to the statement, King Charles III’s image will appear on the £5, £10, £20 and £50.
The press release reads, “The Bank of England will reveal images of updated banknotes featuring a portrait of HM King Charles III by the end of this year. The notes are expected to enter circulation by mid-2024.
“His Majesty’s portrait will appear on existing designs of all four polymer banknotes (£5, £10, £20 and £50). This will be a continuation of the current polymer series and no additional changes to the banknote designs will be made.
ALSO READ: ‘Yahoo-Yahoo’: Suspended aide of Ogun Governor hit with 5 years imprisonment in US
ALSO READ: No state has approval or authorisation for automatic weapons – Presidency
“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 HM Queen Elizabeth II will continue to be issued into circulation. New notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes.
“Current banknotes featuring the portrait of HM Queen Elizabeth II will continue to be legal tender and will only be removed from circulation once they become worn or damaged. They will co-circulate with those featuring HM King Charles III.”
The Chief Executive Officer of the Royal Mint, Anne Jessop, also hinted at a slow introduction process for the bank notes, stating that bank notes bearing the image of the late Queen still remain valid.
“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,” she said.