First announcing the design ahead of Charles III’s coronation in May, the UK’s central bank said the king’s portrait would appear on all four notes currently in circulation in the UK: £5, £10, £20 and £50.
The king’s image will appear on the front of the banknotes, as well as in a transparent protective window on polymer plastic banknotes. Banknotes with the image of Queen Elizabeth II will also remain legal tender, allowing them to continue to be used as usual, The Guardian clarifies.
The Bank of England said the design was developed in accordance with instructions from the royal family. One of the objectives is to minimize the environmental and economic impact of banknote substitution.
At first, the new banknotes will only be used to replace worn-out banknotes, as well as to meet the increased demand for currency. This will mean that banknotes with the image of Queen Elizabeth II and King Carlos III “will circulate together,” according to the report.