(Bloomberg) -- Banknotes featuring a portrait of King Charles III are expected to enter circulation by the middle of 2024, the Bank of England said Tuesday.
The central bank will reveal the image of the new monarch to be used on the polymers by the end of the year, it said in a statement. No additional changes to the £5, £10, £20 and £50 notes will be made.
Queen Elizabeth II, who died earlier this month after a 70-year reign, has been on UK notes since 1960. Current polymer notes featuring her image will continue to be legal tender and will “only be removed from circulation once they become worn or damaged,” the BOE said.
The announcement comes days before the UK’s last paper notes cease to be legal tender on Sept. 30. The BOE said last week there were £11 billion of those left in circulation.
The current series of new polymers also feature portraits of Winston Churchill, Jane Austen, JMW Turner, and Alan Turing.
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