Banknotes Featuring King Charles And Queen Elizabeth To Co-circulate

Banknotes featuring King Charles will be unveiled before the year ends and will be in circulation by mid-2024, the Bank of England announced in a press release Monday.

"His Majesty's portrait will appear on existing designs of all four polymer banknotes (£5, £10, £20, and £50). This will be a continuation of the current polymer series and no additional changes to the banknote designs will be made," the press release read.

The Bank of England also revealed that the existing stocks of banknotes featuring Queen Elizabeth will remain in circulation and only be replaced once they're damaged to curb the environmental and financial impact of the transition to the new monarch.

"New notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes," the bank said.

The upcoming banknotes will feature the new monarch both at the front and back, as well as in the see-through security window.

Meanwhile, The Royal Mint, the official maker of coins in the U.K., is also set to unveil further details about the coinage of King Charles over the coming weeks.

According to Royal Mint Chief Executive Officer Anne Jessopp, 27 billion coins are circulating in the country bearing the effigy of Queen Elizabeth.

"These will be replaced over time as they become damaged or worn, and to meet demand for additional coins," Jessopp said.

Queen Elizabeth's image has been featured on coins in the U.K. for almost 70 years, while her image has been on the banknotes for more than 60 years. The late monarch also appears on the coins of other countries that were formerly under British rule.

Updates on King Charles' appearance on coins and banknotes came days after Buckingham Palace unveiled the first photo of the new king carrying out his royal duties as he reviewed documents from The King's Red Box, the box containing all documents from U.K. government ministers, the Realms, and the Commonwealth.