PTI, 20 December 2022, 17:18 IST
Image source: Twitter/@bankofengland
The Bank of England on Tuesday presented the design of the first set of banknotes that will feature Britain’s new monarch, King Charles III.
The 74-year-old monarch’s portrait will appear on four polymer banknote designs of £5, £10, £20 and £50, with no other changes to the banknote designs featuring her late mother Queen Elizabeth II. the portrait
The new notes with the king are expected to enter circulation by mid-2024 and the current notes with the queen will continue to be used in parallel.
“I am very proud that the Bank is releasing the design of our new banknote featuring the portrait of King Charles III,” said Bank of England Governor Andrew Bailey.
“It is a significant moment, because the King is only the second monarch to appear on our banknotes. People will be able to use these new notes as they go into circulation in 2024,” he said.
The image of the King will appear on the front of the notes, as well as the security window built into UK currency for added protection against fraud.
All polymer banknotes bearing the portrait of Queen Elizabeth II remain legal tender, meaning they can continue to be used as usual.
In accordance with UK Royal Household guidelines, to minimize the environmental and financial impact of this change, the new notes will only be printed to replace spent notes and meet the general demand for notes, the Bank of England said.
Therefore, the notes featuring Queen Elizabeth II and King Charles III will circulate together in the coming years.
While the designs of the notes introduced this week will feature a new portrait of the monarch, the reverse side of each note remains unchanged.
The current set, called the G series, features famous British figures on the back designs: 5 pound wartime Prime Minister Winston Churchill; 10 pounds – Author Jane Austen; £20 – artist JMW Turner; and 50 pounds – the Alan Turing coder.
Older paper notes were phased out to usher in polymer versions.
Although paper notes are longer legal tender and cannot be used as a means of payment, they can be presented for exchange in person at the Bank of England headquarters in London or sent by post.