The Bank of England unveiled the designs of new banknotes bearing the image of King Charles III Tuesday and said they will enter circulation by mid-2024. Queen Elizabeth II passed away in September this year, with Charles succeeding her as the new monarch of the UK.

“The portrait of The King will appear on existing designs of all four polymer banknotes (£5, £10, £20 and £50), with no other changes to the existing designs,” the central bank said.

“The King’s image will appear on the front of the banknotes, as well as in cameo in the see-through security window.”

The Royal Mint had previously announced that the first coins carrying King Charles III entered circulation earlier this month. 

The engraved image of Charles on the new banknotes is based on a photograph owned by the royal household and made available in 2013, the Bank of England told AFP. 

The King had approved the design and it was “finalised in the recent months”, it said. Mass production of the notes will start from the first half of 2023. Notes carrying the queen’s portrait will remain legal tender and can continue to be used.

The UK has been using polymer banknotes since 2016 that are gradually replacing paper money. The Bank of England said that these notes will minimise the environmental and financial impact of the change and will only be produced to replace worn out notes and to meet any overall increase in demand. 

“I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III,” its governor Andrew Bailey said in a statement.

“This is a significant moment, as The King is only the second monarch to feature on our banknotes.”

(With inputs from agencies)

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