Banknotes carrying a portrait of the King will be issued for the first time on 5 June 2024.

The portrait of the King will appear on existing designs of all four banknotes – £5, £10, £20 and £50 – with no other changes to the existing designs.

Banknotes that feature Queen Elizabeth II will remain legal tender, and will co-circulate alongside King Charles notes.

The new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes, to minimise the environmental and financial impact of this change.

In a statement, the Bank of England said that this means the public will begin to see the new King notes “very gradually”.

The new designs were unveiled in December. The Bank of England also said “current or old series notes” featuring the Queen can be exchanged for the new versions from June.

A charity auction for a run of the new notes which are “low-serial numbered” will also be held over the summer by Spink & Son.

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Coins bearing King Charles’ face also entered circulation in August last year, with almost five million 50p coins marking the monarch’s coronation released.

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