New banknotes featuring a portrait of King Charles III have been unveiled by the Bank of England.
The notes are due to enter circulation by the middle of 2024.
They will be in circulation at the same time as those which feature Queen Elizabeth II.
It means that notes which have the late monarch’s portrait on them can still be used as normal.
The addition of the King’s image will be the only change on existing designs of the Bank of England’s £5, £10, £20 and £50 polymer plastic notes.
Guidance was issued to the bank by the royal household for the environmental and financial impact of the change to be kept to a minimum.
Therefore, the bank has indicated it will only print new banknotes to replace those that are worn and when needed, to increase notes in circulation.
Fifty pence coins featuring the image of King Charles III are entering circulation in December, with 4.9 million coins being distributed across 9,452 Post Office branches.
Bank governor Andrew Bailey said: “I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III.
“This is a significant moment, as the King is only the second monarch to feature on our banknotes.
“People will be able to use these new notes as they enter circulation in 2024.”