The new pound sterling banknotes with a portrait of King Charles III will be introduced by the end of the year and will go into circulation by mid-2024, the Bank of England said.
"His Majesty’s portrait will appear on existing designs of all four polymer banknotes," the statement said. "This will be a continuation of the current polymer series and no additional changes to the banknote designs will be made."
Queen Elizabeth II, whose portrait is now on all the banknotes, passed away on September 8.
As directed by the royal family to minimize the environmental and financial impact of the change of monarch, the existing stock of banknotes depicting Queen Elizabeth II will continue to be in circulation.
Current banknotes will remain legal tender and will only be withdrawn from circulation if they are worn or damaged. They will circulate along with those dedicated to King Charles III.
