First announcing the design ahead of Charles III's coronation in May, Britain's central bank said the king's portrait will appear on all four banknotes currently in circulation in the United Kingdom - £5, £10, £20 and £50.
The image of the King will appear on the front side of the banknotes, as well as in a transparent security window on banknotes made of polymer plastic. Banknotes with the image of Queen Elizabeth II will also remain legal tender, which will allow to continue using them as usual, specifies the Guardian.
The Bank of England said that the design was developed in accordance with the instructions of the royal family. One of the objectives is to minimize the environmental and financial impact of replacing the bills.
Initially, the new bills will only be used to replace worn banknotes and to meet increased demand for the currency. This will mean that banknotes depicting Queen Elizabeth II and King Charles III will "circulate together," the report said.