Bank of England unveils design of banknotes featuring King Charles III
The King's image will appear on the front of the banknotes, as well as in cameo in the see-through security window.
The Bank of England on Tuesday unveiled the design of banknotes featuring King Charles III.
In a statement, the central bank said the portrait of the King will appear on existing designs of all four polymer banknotes (5, 10, 20 and 50 pounds), with no other changes to the existing designs.
The King's image will appear on the front of the banknotes, as well as in cameo in the see-through security window.
The new notes are expected to enter circulation by mid-2024.
All polymer banknotes carrying a portrait of the late Queen Elizabeth II remain legal tender, and the public can continue to use these as normal, the statement said.
"In line with guidance from the Royal Household, to minimise the environmental and financial impact of this change, new notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes.
"Notes featuring Queen Elizabeth II and King Charles III will therefore co-circulate," it added.
ALSO READ | Bank of Japan news: Central bank widens bond yield target range; yen strengthens, Asia markets fall
Speaking ahead of the release, Bank of England 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 start to enter circulation in 2024."
Queen Elizabeth was the first and only monarch to appear on circulating Bank of England banknotes, starting in 1960.
Notes issued by Scottish and Northern Irish banks do not depict the monarch.
There are about 4.5 billion individual Bank of England notes worth about 80 billion pounds in circulation at present.
Meanwhile, 50 pence coins bearing the image of King Charles III have already entered circulation via post offices across the country.
An estimated 4.9 million of the new coins are being distributed to post offices -- about half of the total number earmarked for circulation -- to be given in change to customers.
Click Here For Latest Updates On Stock Market | Zee Business Live
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
12:21 PM IST