King Charles III banknotes are set to enter circulation on 5 June 2024 featuring a portrait of the monarch.
The portrait of the King will replace the late Queen Elizabeth’s image on notes circulated from the Bank of England this summer.
There will be no other changes to the design of notes and the money can be checked exactly the same way as notes featuring Queen Elizabeth II.
Bank notes with the portrait of the Queen will remain legal tender and will not be replaced by the new money.
Bank of England notes with the King's head will begin circulation this summer
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Instead, £5, £10, £20 and £50 notes will only replace notes that are worn and to meet any demands for an increase in banknotes.
This approach was made with guidance from the Royal Household to “minimise the environmental and financial impact of this change.”
In April last year it was reported that new banknotes were being printed in their millions, but it requires a relatively long build up to release the notes.
This is because self-service machines need to recognise the new image of the King to accept bank notes.
A stamp featuring the King's head
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The Bank of England has requested that business owners with machines that accept banknotes should “plan for their adaptation to work with the new note designs.”
In December last year, millions of 50p coins with the King’s head were circulated around the country but many of these would have been held onto for novelty value.
King Charles is set to become only the second monarch to feature on Bank of England UK notes, however, coins have featured the monarch for centuries.
The Queen’s head also features on selected $20 banknotes in Canada, on coins in New Zealand and other Commonwealth nations.
Millions of 50p coins with the King's head were circulated around the UK last year
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King Charles is the second monarch to feature on Bank of England notes
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Banks in Scotland and in Northern Ireland issue their own banknotes, but it is only the Bank of England who have confirmed the new design for their notes.
Some famous faces on Scottish banknotes include Robert the Bruce and Sir Walter Scott as well as images of the Forth Bridge and Glenfinnan Viaduct.
The King’s portrait, name and cypher will eventually appear in a variety of other places including coins, passports and official pictures.
But it could take years for British passports to change from the name of Her Majesty to His Majesty as passports are renewed every 10 years.