King Charles banknotes won’t circulate until mid-2024

CURRENCY emblazoned with the image of King Charles III is not expected to enter circulation until mid-2024, the Bank of England said in a statement, although the portrait of the king to be featured on the bank notes will be revealed by the end of this year.

Charles will appear on 4 banknotes – the 5, 10, 20 and 50-pound notes – and there will be no changes to those notes beyond replacing Queen Elizabeth II’s image with Charles’, according to the statement from the bank.

Elizabeth’s image won’t disappear from the currency overnight. In keeping with guidance from the royal family to “minimise the environmental and financial impact of the change of monarch”, notes with Elizabeth’s image on them will be removed from circulation only if they become “worn or damaged”, the bank said. New notes with Charles’ image will be made to “replace worn banknotes and to meet any overall increase in demand for banknotes”.

A similar transition will occur with British coins featuring Elizabeth. According to the Royal Mint, the process of producing and putting into circulation coins featuring the portrait of Charles will take at least several months.

And the transition to the Charles coins will be gradual. Coins bearing the effigy of Elizabeth will stay in circulation as coins with Charles on them are introduced. There are nearly 30 billion coins with Elizabeth’s face on them, which, like the banknotes, will be replaced only once they are damaged or to meet a demand for more coins, according to a statement from the Royal Mint.

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

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

On the coins that feature Elizabeth, she faces to the right. Since the reign of Charles II in the 17th century, monarchs have faced in the opposite direction of their predecessors, with the exception of Edward VIII. The Royal Mint has not confirmed which way Charles will face.

Elizabeth’s death has raised questions about the use of her image on not just currency but also on everyday items – like ketchup bottles, stamps and mailboxes. Experts say replacing her image on these objects will not be a major expense compared with the overall cost of the monarchy. NYTIMES