The Bank said the King’s portrait will be the only change on existing designs of its £5, £10, £20 and £50 polymer plastic notes.
The image of the King will appear on the front of the banknotes, as well as in the see-through security window.
But the Bank confirmed that all existing plastic banknotes featuring Queen Elizabeth II will still be accepted as legal tender, with the public able to carry on using them as normal.
It added that following guidance from the royal household to keep the environmental and financial impact of the change to a minimum, it would only print new banknotes to replace those that are worn and when needed to increase notes in circulation.
This means that notes featuring Queen Elizabeth II and King Charles III will “co-circulate”, according to Threadneedle Street.
Bank governor Andrew Bailey said: “I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III.
“This is a significant moment, as the King is only the second monarch to feature on our banknotes.
“People will be able to use these new notes as they start to enter circulation in 2024.”
Fifty pence coins featuring the image of King Charles III are entering circulation this month, with 4.9 million coins being distributed across 9,452 Post Office branches nationwide.
Published: 20/12/2022 by Radio NewsHub
High street lender TSB Bank has been fined £48.7 million by City regulators for a botched IT upgrade in 2018 that left many of its 5.2 million customers unable to access banking services. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) hit the bank with the penalty for “widespread” failures over the organisation and control surrounding the transfer of its IT systems and customer services data on […]
