King Charles III banknotes to come mid-2024

New pound banknotes featuring a portrait of King Charles III will be presented by the end of the year and will enter circulation by mid-2024, the Bank of England said on September 27.

"His Majesty’s portrait will appear on existing designs of all four polymer banknotes,” Politico reports referring to the Bank of England's statement. “This will be a continuation of the current polymer series and no additional changes to the banknote designs will be made."

Queen Elizabeth II, whose portrait is currently on all banknotes, died on September 8.

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 Queen Elizabeth II will continue to be issued into circulation.

Current banknotes will continue to be legal tender and will only be removed from circulation once they become worn or damaged. They will co-circulate with those featuring King Charles III.