A portrait of The King has replaced that of Queen Elizabeth II, with no other changes to the existing design, which retains its existing security features.
The portrait will appear on the front of the note, as well as in cameo on the back’s see-through security window.
Andrew Bailey, governor of the Bank of England, 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.”
All polymer banknotes carrying a portrait of Queen Elizabeth II will remain legal tender. According to guidance from the Royal Household, new banknotes will only be printed to replace worn notes or to meet increased demand for cash, in order to minimise the environmental and financial impact of the change.
Notes featuring Queen Elizabeth II and The King will therefore co-circulate.
Stocks of stamps with Queen Elizabeth II's portrait, the Royal Mail announced in September, will likewise be used until exhausted, when new stamps will be issued with The King's likeness.
In 2020, the Bank of England extended its banknote printing contract with De La Rue for an additional three years.
The existing contract saw De La Rue take over the operation of the BoE’s Debden banknote facility in April 2015, and was set to expire in 2025. But it will continue to run until 2028 after the BoE opted to take up its option of a three-year extension that was part of the original deal.
