The Bank of England on Tuesday presented the design of banknotes with the image of the new British King Charles III. According to a statement published on the bank's website, the portrait of the king will appear on polymer banknotes in £5, £10, £20 and £50.

The profile of the monarch will be shown on the front of the bills and as a cameo in a transparent security window next to the image of Big Ben, there will be no other changes to the design. The reverse side will also remain the same.

Banknotes with the image of the King, as expected, will enter into circulation by mid-2024. At the same time, they will be printed only to replace worn out and in the case of increased demand.

Coins and bills with the images of King Charles III and the late Queen Elizabeth II will be in joint circulation in the United Kingdom and other countries, the head of which remains formally the British monarch. The bills with the portrait of the late Elizabeth II will remain legal tender until, according to the Bank of England, they will not be worn or damaged. This decision was made in accordance with the will of the royal family to minimize the environmental and financial consequences of the change of monarch.

Elizabeth II died Sept. 8 at Balmoral Castle in Scotland at age 96, after which her body was transported to London with a stopover in Edinburgh for a public farewell ceremony. She was buried Sept. 19 in George VI Chapel on the grounds of Windsor Castle.