New pound banknotes that includes a portrait of King Charles III shall be offered by the tip of the yr 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 shall be a continuation of the present polymer collection and no extra adjustments to the banknote designs shall be made.”

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

Consistent with steering from the Royal family to reduce the environmental and monetary influence 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 into worn or broken. They’ll co-circulate with these that includes King Charles III.