King Charles III Banknote Design Revealed by Bank of England | Bank of England

Banknote designs with image of King Charles III were unveiled by the Bank of England with plans to enter circulation by mid-2024.

Announcing the design for the first time in the run-up to the coronation in May, the UK’s central bank said the portrait of the king would appear over existing designs on its four polymer notes currently in circulation – £5, £10, £20 and £50.

The king’s image will appear on the face of the notes, as well as in the transparent security window of the notes, which are made of polymer plastic. Notes with the participation of Queen Elizabeth II will also continue to remain legal tender, allowing the public to continue using them as usual.

Threadneedle Street said plans had been made in line with royal household guidance to minimize the environmental and financial impact of the change by printing only new notes to replace worn-out notes and to meet any general increase in demand for the currency.

This will mean participatory notes Queen Elizabeth II and King Charles III will “jointly circulate,” it said.

King Charles will become only the second monarch to participate in a Bank of England UK note. Although paper money has been produced by the Bank of England since the late 1600s, the image of the reigning monarch was first featured in a 1960 issue of the bank, when the £1 note depicting Queen Elizabeth II was introduced for everyday use. However, coins have depicted the monarch for centuries.

The Queen’s head also appears on some $20 bills in Canada, on coins in New Zealand and in some other Commonwealth countries.

The use of physical currency has steadily declined in recent years amid the rise of card and contactless payments. However, more than 4.7 billion Bank of England notes featuring the Queen remain in circulation, worth around £82 billion.

It comes after the phasing out of paper notes and the introduction of those printed on polymer – a thin and flexible plastic material – following the introduction of the £5 note featuring Winston Churchill on the reverse in 2016.

Although the banknote designs revealed by the Bank will feature a new portrait of the monarch, the reverse will remain unchanged, with author Jane Austen on the £10 note, artist JMW Turner on the £20 and computer scientist Alan Turing on the £ 50. Security features, including holograms and plastic windows, will also remain unchanged.

The launch of the note will be one of the most notable changes to royal symbols since the Queen’s death in September; okay new coinsmarks and to the king CR monogram to be used on government documents and mailboxes.

Andrew Bailey, the bank’s chief executive, said: “I am very proud that the bank is launching the design of our new banknotes, which will feature a portrait of King Charles III. This is an important moment as the King is only the second monarch to be depicted on our banknotes. People will be able to use these new notes when they go into circulation in 2024.