The Bank of England announced on Tuesday that new banknotes that feature an image of King Charles III are likely to begin entering circulation around the middle of the year 2024.
The image of the new monarch that will be featured on the polymers will be revealed by the central bank before the end of the year, according to a statement that the bank released. There will be no further modifications made to the five pound, ten pound, twenty pound, or fifty pound notes.
Since 1960, the face of Queen Elizabeth II, who passed away earlier this month after a reign of 70 years, has been on the currency of the United Kingdom. The Bank of England has stated that the currently in circulation polymer notes that feature her image will continue to be valid tender and will “only be removed from circulation once they become worn or damaged.”
The announcement comes just a few days before the last paper notes issued in the UK are no longer considered valid tender on September 30. The BOE reported the previous week that there were still £11 billion worth of those in circulation.
The most recent batch of brand new polymers also includes portraits of notable figures such as Jane Austen, Winston Churchill, JMW Turner, and Alan Turing.
