The Strategist

Bank of England to unveil new banknotes with Charles III by the end of the year

09/28/2022 - 10:47

By the end of 2022, the Bank of England will reveal images of sterling banknotes bearing the image of Britain's next King Charles III. The bank stated that the notes are anticipated to enter circulation in 2024.

Dan Marsh
Dan Marsh
Earlier in September the Guardian newspaper reported that it might take at least two years to replace banknotes that feature the late British Queen Elizabeth II.

"By the end of this year, the Bank of England will release images of redesigned banknotes with His Majesty King Charles III's portraits. By the middle of 2024, the currency is anticipated to be in use. All four polymer banknotes ($5, £10, $20, and $50) will have His Majesty's portraits in their current designs. No more modifications will be made to the banknote design, and it will be a continuation of the present polymer series," a statement on the Bank of England website reads.

The current stock of banknotes featuring the late Queen Elizabeth II will continue to be used in circulation in compliance with instructions from the Royal Court to reduce any negative financial and environmental effects associated with the change. Only outdated banknotes will be replaced, and additional banknotes will only be created as needed to meet rising demand.

The existing Elizabeth II banknotes will continue to be legal money and will only be removed from circulation if they become worn or damaged, notes the bank.