The portrait of The King will appear on existing designs of all four polymer banknotes (£5, £10, £20 and £50), with no other changes to the existing designs.

The new notes are expected to enter circulation by mid-2024. All polymer banknotes carrying a portrait of HM Queen Elizabeth II remain legal tender, and the public can continue to use these as normal.

In line with guidance from the Royal Household, to minimise 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.

Speaking ahead of the release, 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.”