The Bank of England revealed the new British King’s portrait on U.K. banknotes on Tuesday, which are expected to enter circulation by mid-2024. King Charles III, who assumed the throne when Queen Elizabeth II died in September, will now feature on all four U.K. banknotes — £5, £10, £20 and £50.
New 10 sterling banknote with King Charles III portrait
Bank of England
The King’s portrait will appear on the front of the banknotes as well as the see-through security window.
New 20 sterling banknote with King Charles III portrait
Bank of England
The back of U.K. pound notes will remain unchanged and features notable British figures: former prime minister Winston Churchill appears on the £5 note, novelist Jane Austen on the £10 note, English romantic painter JMW Turner features on the £20 note and pioneering mathematician Alan Turing is on the £50 note.
New 50 sterling banknote with King Charles III portrait
Bank of England
The existing stock of polymer banknotes with Queen Elizabeth II’s portrait can still be used and will remain as legal tender. She first appeared on a U.K. banknote in 1960. New Elizabeth notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes, the Bank of England says. They will co-circulate with those featuring His Majesty King Charles III. The Royal Mint, the official producer of U.K. currency, has been leading the U.K’s transition from paper note currency to polymer banknotes. In September, paper £20 and £50 notes ceased their legal tender status. The paper £20 note had featured economist Adam Smith, while engineers Matthew Boulton and James Watt appeared on the £50 paper note. They were replaced by Jane Austen and Alan Turing on the polymer versions respectively. Over the weekend, the royal mint unveiled the King’s profile on a memorial £1 coin.
One pound
GBPUSD,
+0.28%
was worth $1.2151 on Tuesday.
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