King Charles banknotes being printed in UK to enter circulation by mid-2024

Banknotes of pound sterling featuring King Charles III are currently being printed and are expected to enter circulation by mid-2024, the Bank of England (BoE) announced Friday.

The BoE unveiled the design of the King Charles banknotes, saying that the king's portrait will be on all four polymer banknotes, £5, £10, £20 and £50, with no other changes to the existing designs.

Charles' image will appear on the front of the banknotes, as well as in a cameo in the see-through security window, said the statement.

All polymer banknotes with a portrait of Queen Elizabeth II will also remain legal tender and will continue to be in use.

"In line with guidance from the Royal Household, to minimize the environmental and financial impact of this change, new notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes. Notes featuring HM Queen Elizabeth II and King Charles III will therefore co-circulate," the statement 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," Andrew Bailey, BoE governor, it quoted as saying.

Bailey said people will be able to use these new notes as they start to enter circulation in 2024.