The UK currency is set to change to feature the image of King Charles III, but when exactly will this happen? The Bank of England has announced that the new £50 note, featuring King Charles III, will be released in 2024.
The process of changing the currency will be a gradual one, with the Bank of England introducing new notes featuring the King's image over time. This will involve replacing existing notes with new ones, a process that will take several years to complete.
In 2023, the Bank of England will introduce a new £5 note featuring Florence Nightingale, but this will be the last note to be issued with the Queen's image. After that, all new notes will feature the image of King Charles III.
Related reading: Why Are King Will Rings so Cheap?
UK Currency Change Timeline
New bank notes featuring King Charles III entered circulation on June 5, 2024.
Current circulating designs will be discontinued and a new design that represents the new head of state will replace them.
There are 27 billion coins and 4.5 billion sterling notes featuring the Queen's effigy currently active.
The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices.
Current banknotes featuring the portrait of the Queen will continue to be legal tender and will only be removed from circulation once they become worn or damaged.
The coins and banknotes will co-circulate with currency featuring Queen Elizabeth II and will be gradually replaced over several years.
New notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes.
King Charles on Banknotes
King Charles is the second British monarch to feature on banknotes. He's following in his mother's footsteps, as Queen Elizabeth II was the first British sovereign to be featured on a £1 paper note in 1960.
The Bank of England has announced that the new banknotes featuring King Charles III will co-circulate with those bearing the Queen's effigy. This means you'll see both sets of notes in circulation for many years to come.
There are currently 4.5 billion sterling notes featuring the Queen's portrait in circulation, and they'll remain legal tender even after the new notes are introduced.
Frequently Asked Questions
Will the UK print new money with King Charles?
The UK's currency will not feature King Charles, as the current rollout is a change in sovereign, not a redesign of existing banknotes. The Bank of England will continue to print new money with the current design.
Featured Images: pexels.com
