New banknotes will be issued solely to substitute worn ones and to accommodate any rise in demand for banknotes.
ADVERTISEMENTThe first sterling banknotes featuring Britain's King Charles III will go into circulation in June, the Bank of England has announced.
"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," the bank has said in a statement.
The only difference in the design will be the King's image replacing that of his mother Queen Elizabeth II. The initial batches will be sold at auction to raise money for charity.
"Members of the public will also be able to exchange a limited value of current or old series notes for new King Charles III notes, through the Bank of England, for a short time from the 5 June 2024 issuance date," the statement added.
The first coins embossed with Charles' image have been in circulation for several months. However, the banknotes have taken much longer to prepare for technical reasons, including making them readable to bank machines and automatic tills.