King Charles’s portrait will feature on the new banknotes from June 5, the Bank of England have revealed.
The monarch’s portrait is set to appear on all four existing bank notes – £5, £10, £20 and £50 – and, aside from the portrait, will hold no other changes.
In their official announcement, the Bank of England said: “The new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes.”
The circulation is also set to be a gradual shift in guidance from the Royal Household “to minimise the environmental and financial impact of this change”.
Here Express.co.uk explains what will happen to the current notes with the portrait of the late Queen and whether they remain legal tender.
The official Bank of England website states: “Polymer banknotes that feature the portrait of Her late Majesty Queen Elizabeth II will remain legal tender.”
The website also confirmed that they will be circulating alongside the King Charles III notes.
Although further details will be announced in time, the Bank of England have also confirmed that members of the public can “exchange a limited value of current or old series notes for new King Charles III notes, through the Bank of England.”
This will, however, only be able to be done for a short period of time after the June 5 issue date.
This major change comes into effect almost two years after the death of the late Queen – and the start of King Charles’s reign.
The King is only the second monarch to consistently appear on circulating banknotes.
The late Queen was the first monarch, appearing on notes from 1960.
In addition to notes, British and English monarchs have appeared on coins for over 1000 years.
Due to the notes remaining unchanged, except for the portrait, the King will share the banknotes with Sir Winston Churchill and Jane Austen.
Notes issued by the Scottish and Northern Ireland banks do not depict the monarch.
Bank of England governor Andrew Bailey previously said that he is “proud” of the change, referring to it as a “significant moment”.
