For 70 years, we’ve seen the Queen’s portrait on the designs of our coins and banknotes.
This is now all set to change, as King Charles III’s portrait will be the new face on our coinage. But when will the new portrait be circulated on our coins and banknotes?
On 27th September 2022, BBC News confirmed that coins featuring the portrait of King Charles III will enter circulation in the UK.
The designs that will feature on the coins, along with the date we can expect to see them in circulation is still yet to be confirmed, however The Royal Mint have said that all coins bearing the portrait of Queen Elizabeth II will remain legal tender for the foreseeable future. Anne Jessop from The Royal Mint stated “Coinage of King Charles III and Queen Elizabeth II will co-circulation in the UK for many years to come.”
The design of King Charles’ portrait will need Palace approval. Only after then can it be produced as an obverse effigy by The Royal Mint.
The Royal Mint added “The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices“. They have said that we can expect further details of the King’s coinage in the coming weeks.
The Bank of England announced on 27th September 2022 that they will reveal images of updated banknotes featuring the portrait of His Majesty King Charles III by the end of the year. They stated “The notes are expected to enter circulation by mid-2024.”
They have confirmed that His Majesty’s portrait will appear on existing designs of all four polymer banknotes (£5, £10, £20 and £50) which will be a continuation of the current polymer series and no additional changes will be made to the design.
The Bank of England added “Current banknotes featuring the portrait of HM Queen Elizabeth II will continue to be legal tender and will only be removed from circulation once they become worn or damaged. They will co-circulate with those featuring HM King Charles III.”