The Bank of England presented the design of new banknotes with Charles III
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Banknotes with the portrait of Elizabeth II will remain in circulation after introduction of new banknotes.
The Bank of England has unveiled the design of new banknotes featuring King Charles III, which they plan to introduce into circulation by mid-2024. The Gurdian reports.
The UK Central Bank said the King's portrait will appear on the existing designs of all four of its currently circulating polymer banknotes – £5, £10, £20 and £50 sterling.
The image of the monarch will appear on the front side of banknotes, as well as in a transparent protective window on banknotes made of polymer plastic. The Queen Elizabeth II banknotes will also remain legal tender, allowing the public to continue to use them going forward.
It is noted that the plans were drawn up in accordance with the instructions of the royal family, new banknotes will be printed only to replace worn ones or to meet increased demand. This is done to minimize environmental and financial impacts.
In addition, banknotes issued by Scottish and Northern Irish banks do not feature the monarch.