The Bank of England said on Tuesday that banknotes bearing the portrait of King Charles III are expected to be in circulation by the middle of 2024. The central bank will reveal the image of the new monarch to be used on polymers by the end of the year, a statement said. No additional changes will be made to the £5, £10, £20 and £50 notes.
Queen Elizabeth II, who died earlier this month after a 70-year reign, has been on UK notes since 1960. The current polymer notes bearing his image will remain legal tender and “will be removed from circulation only after it is damaged or damaged,” the BOE said.
The announcement comes days before Britain’s last paper notes are set to become valid on 30 September. The BOE said £11 billion was left in circulation last week.
The current range of new polymers also features drawings by Winston Churchill, Jane Austen, JMW Turner and Alan Turing.