According to the Bank of England, the updated notes will begin circulating ‘by mid-2024’ – while the new designs will be revealed later this year.
The portrait of King Charles will appear on £5, £10, £20 and £50 banknotes.
Watch the moment a fan gives King Charles a pen following his ‘temper ‘tantrum’ in the clip below…
The Bank of England says that in order to minimise any financial or environmental impacts, the existing notes featuring the Queen will continue to be issued into circulation.
Cash featuring His Majesty’s face will ‘only be printed to replace worn banknotes’, as well as ‘to meet any overall increase in demand’. Essentially meaning they will co-circulate.
It won’t just be banknotes that will undergo some changes, as it will also apply to coins too.
The Royal Mint has confirmed King Charles III coins will be entering circulation. But a date hasn’t been given.
The site says that Queen Elizabeth coins will also ‘remain legal tender and in active circulation’.
The Royal Mint’s Chief Executive Officer, Anne Jessopp, has stated: “We are honoured to have struck each UK coin of Her Late Majesty’s reign, documenting her journey from young Queen to respected Head of State.
“As official coin maker to the UK, we have told the story of each monarch since Alfred the Great and are now preparing for the biggest change in British coinage for several decades.
“The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices. This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come.”
The Royal Mint’s website states that 27 billion coins, bearing the effigy of Queen Elizabeth, are currently circulating the UK.
Like banknotes, they will be replaced over time when damaged or worn, and if there’s an additional demand for coins.
The entire stamp set is currently available for preorder and should cost around £6.
The description on the site reads: “In memory of Her Majesty The Queen.
“Four new stamps featuring iconic images of The Queen taken throughout stages of her remarkable reign.”
Chief executive of Royal Mail, Simon Thompson, reportedly said: “For the past 70 years every British stamp has been personally approved by Her Late Majesty, Queen Elizabeth.
“Today we are unveiling these stamps, the first to be approved by His Majesty The King, in tribute to a woman whose commitment to public service and duty was unparalleled in the history of this country.”
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