London
CNN Business
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The first banknotes depicted for Britain King Charles III It was unveiled on Tuesday before Bank of England.
Charles’ portrait will appear on the £5, £10, £20 and £50 English banknotes. Meanwhile, the rest of the design will remain the same with the current notes featuring the late Queen Elizabeth II on the front. The British Central Bank said in a press release.
The new banknotes are expected to enter circulation by mid-2024 and will be in circulation with banknotes featuring the Queen’s portrait, which will remain legal tender in the UK, according to the bank.
“This is an important moment, as the monarch is only the second monarch to appear on our banknotes,” Bank of England Governor Andrew Bailey said ahead of the release.
The reverse side of the notes will remain unaltered – the current designs feature images of Winston Churchill, Jane Austen, JMW Turner and Alan Turing on the reverse of the £5, £10, £20 and £50 banknotes respectively.
The Bank of England added: “To reduce the environmental and financial impact of this change, only new banknotes will be printed to replace worn out banknotes and to meet any general increase in demand for banknotes.”
Earlier this month, the first coins bearing the official portrait of King Charles III were in circulation. The 4.9 million 50p coins feature the monarch’s portrait, with a design on the reverse symbolizing the late queen’s “life and legacy”, according to Royal Mint.
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