King Charles III Bank Notes Won’t Circulate Until Mid-2024

King Charles III Bank Notes Won’t Circulate Until Mid-2024

Currency carrying the image of King Charles III is not anticipated to go into circulation until mid-2024, according to a declaration issued by the Bank of England early Tuesday morning, however the portrait of the king to appear on the bank notes will be disclosed by the end of this year.
According to the bank, King Charles will appear on four bank notes: the £5, £10, £20, and £50 notes, with no changes apart from replacing Queen Elizabeth II’s image with King Charles’.

The image of Queen Elizabeth will not be removed from currency immediately. According to the bank, notes with Queen Elizabeth’s image on them will be removed from circulation only if they become “worn or damaged,” in accordance with royal family guidance to “minimize the environmental and financial impact of the change of monarch.” New bank notes with the image of King Charles will be issued to “replace worn bank notes and to meet any overall increase in demand for bank notes.”
A similar transition will take place with British coins depicting Queen Elizabeth. The Royal Mint estimates that it will take at least several months to produce and distribute coins featuring King Charles’ portrait.

According to a statement issued by the Royal Mint on Tuesday, there are nearly 30 billion coins with Queen Elizabeth’s face on them, which will be replaced only if they are damaged or if there is a demand for more coins.

“This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the U.K. for many years to come,” said Anne Jessopp, the chief executive of the Royal Mint.

While the image of King Charles that will appear on the coins has not been revealed, it must be approved by the Privy Council, a group of high-level advisers to the monarch.

Queen Elizabeth appears to the right on the coins depicting her. With the exception of Edward VIII, monarchs have faced the opposite direction of their predecessors since the reign of Charles II in the 17th century. The Royal Mint hasn’t said which way King Charles will be facing.
Following Queen Elizabeth’s death, there have been questions raised about the use of her image on everyday items such as ketchup bottles, stamps, and mailboxes. According to experts, replacing her image on these items will not be a significant expense when compared to the overall cost of the monarchy.

In addition, the transition to King Charles coins will be gradual. Coins bearing the effigy of Queen Elizabeth will remain in circulation as coins bearing the effigy of King Charles are introduced.