The Central Bank of Great Britain presented banknotes of King Charles III

The Bank of England has unveiled the design of King Charles III banknotes. The portrait of the King will appear on the existing designs of all four polymer banknotes (£5, £10, £20 and £50), without any other changes to the existing design.

The image of the King will appear on the front of the banknotes and also as an episode in the transparent security window. The new banknotes are expected to enter circulation by mid-2024. This was reported by bankofengland.co.

All polymer banknotes with the portrait of Her Majesty Queen Elizabeth II remain legal tender and the public can continue to use them as usual. In line with the Royal Household's instructions, to minimize the environmental and financial impact of this change, new banknotes will only be printed to replace worn-out banknotes and to meet any overall increase in demand for banknotes. Thus, the banknotes featuring Queen Elizabeth II and King Charles III will be distributed jointly.

Governor Andrew Bailey said: "I am very proud that the Bank is launching the design for 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 be featured on our banknotes. People will be able to use these new banknotes when they go into circulation in 2024."

The current series of banknotes (G series) features the following characters: £5 - Winston Churchill, £10 – Jane Austen, £20 - J.M.W. Turner, £50 - Alan Turing.

Although the design of the banknotes will include a new portrait of the monarch, the reverse side of each banknote remains unchanged. Thus, these notes can be verified with the same security features as the existing banknotes of Her Majesty Elizabeth II.

Paper banknotes are no longer legal tender and cannot be used as a means of payment. However, any old series of Bank of England notes can be presented for exchange in person at the Bank's office in London or sent by post to: Dept NEX, Bank of England, Threadneedle Street, London EC2R 8AH.