New pound banknotes that includes a portrait of King Charles III will probably be introduced by the tip of the yr and can enter circulation by mid-2024, the Financial institution of England said Tuesday.
“His Majesty’s portrait will seem on current designs of all 4 polymer banknotes,” the assertion stated. “This will probably be a continuation of the present polymer collection and no extra modifications to the banknote designs will probably be made.”
Queen Elizabeth II, whose portrait is at present on all banknotes, died on September 8.
According to steering from the Royal family to reduce the environmental and monetary influence of the change of monarch, current shares of notes that includes Queen Elizabeth II will proceed to be issued into circulation.
Present banknotes will proceed to be authorized tender and can solely be faraway from circulation as soon as they turn out to be worn or broken. They are going to co-circulate with these that includes King Charles III.