New pound banknotes that includes a portrait of King Charles III can be introduced by the tip of the 12 months and can enter circulation by mid-2024, the Financial institution of England stated Tuesday.

“His Majesty’s portrait will seem on present designs of all 4 polymer banknotes,” the assertion stated. “This can be a continuation of the present polymer sequence and no further modifications to the banknote designs can be made.”

Queen Elizabeth II, whose portrait is at the moment on all banknotes, died on September 8.

In step with steerage from the Royal family to reduce the environmental and monetary affect of the change of monarch, present shares of notes that includes Queen Elizabeth II will proceed to be issued into circulation.

Present banknotes will proceed to be authorized tender and can solely be faraway from circulation as soon as they turn out to be worn or broken. They may co-circulate with these that includes King Charles III.