Currency emblazoned with a portrait of King Charles III will not enter circulation until mid-2024 and will co-circulate with existing Queen Elizabeth II currency, the Bank of England announced Monday.
The image, expected to be released later this year, will appear on the existing designs of four banknotes worth 5 pounds, 10 pounds, 20 pounds, and 50 pounds. However, banknotes of the late queen will only be removed from circulation if damaged or worn out. New banknotes of the queen will continue to enter circulation if a need arises prior to the introduction of Charles’s banknotes.
POUND HITS ALL-TIME LOW AGAINST DOLLAR AS UK GOVERNMENT PURSUES BIG TAX CUTS
“In line with guidance from the Royal Household to minimize the environmental and financial impact of the change of monarch, existing stocks of notes featuring HM Queen Elizabeth II will continue to be issued into circulation,” the Bank of England said in a press release. “New notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes.”
The process follows a similar transition on coins issued by the Royal Mint. The process of dispersing the new coins will take several months, the Royal Mint told the New York Times, and coins with Elizabeth as the monarch will remain in circulation until they are damaged.
“This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the U.K. for many years to come,” said Anne Jessopp, CEO of the Royal Mint.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Coins bearing Elizabeth’s face show the late monarch facing the right, meaning the image of Charles will have him facing to the left, according to a tradition that dates back to the 1600s. Monarchs typically face the opposite direction of their predecessors on coins. However, the image of Charles will need to be approved by the Privy Council.
Charles became Britain’s monarch following the death of his mother on Sept. 8. His eldest son, Prince William, is now heir apparent.
