Soon, all British wallets will include a picture of King Charles III. The Bank of England will produce new banknotes with Charles on them after the death of Queen Elizabeth II. Charles became king on September 8 after his mother passed away.
The Bank of England has released a statement explaining how Queen Elizabeth will continue to be honored through the nation’s money, in case anyone is concerned that their Queen Elizabeth notes may soon become a thing of the past.
Since the UK Treasury authorized the Bank of England to place her picture on the currency in 1954, the late monarch has been depicted on banknotes since 1960.
Charles’ picture will soon join the Bank of England’s existing $5 banknote featuring Winston Churchill, $10 banknote featuring Jane Austen, £20 banknote featuring JMW Turner, and $50 banknote featuring Alan Turing.
Beginning in 2024, the new currency will have the image of King Charles III; nevertheless, currency bearing the image of the Queen will remain legal tender.
It is best to be patient if you want to obtain Charles’ portrait-adorned currency. The Bank of England states that the currency “is scheduled to enter circulation by mid-2024.”
The image of Queen Elizabeth that appears on banknotes won’t be changed. Existing banknotes with the late Queen’s picture will continue to circulate because the Bank of England received instructions from the royal family to “minimize the environmental and financial consequences of the change of monarch.”
To replace any damaged notes and “to fulfill any general rise in demand for banknotes,” new banknotes will be created.
Only old or damaged notes will be taken out of circulation, thus Queen Elizabeth’s image will circulate alongside that of her son Charles on banknotes.