New bank notes with King Charles revealed
New banknotes carrying the portrait of King Charles have been unveiled for the first time today.
The image of the new Monarch will replace the face of his late mother, Queen Elizabeth II, on the £5, £10, £20 and £50 notes, The Sun reports.
Current banknotes with the Queen’s portrait will remain legal tender as the new notes are not expected to enter circulation until mid-2024.
The Bank of England said that new notes will only be printed to replace worn banknotes to minimise the environmental and financial impact.
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.”
When Queen Elizabeth II came to power, coins with her father’s image, George VI remained in circulation for almost 20 years after his death.
They were eventually removed when decimalisation was introduced in 1971.
But after one monarch has died and another lined up to take their place, it means a whole host of other things need to change.
Coins with the new King on also entered circulation at the beginning of December.
The 50p officially entered circulation and is available from Post Offices around the UK.
The King’s portrait faces to the left – in the opposite direction to the late Queen, in keeping with tradition.
On the new 50p coin featuring King Charles III, the Monarch is not wearing a crown.
This is because Kings are not often depicted wearing a crown on coins, although Her Majesty Queen Elizabeth II had one.
All UK coins bearing the effigy of Queen Elizabeth II will remain legal tender and in active circulation.
They will be replaced over time as they become damaged or worn and to meet demand for additional coins – much like with notes.
Historically, it has been commonplace for coins featuring the effigies of different monarchs to co-circulate, ensuring a smooth transition with minimal environmental impact and cost.
This story was published by The Sun and reproduced with permission.
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