King Charles to be introduced on UK banknotes by mid-2024

It will be some time before the monarch on the UK currency changes.

On Tuesday, the Bank of England announced that it plans to roll out new banknotes featuring the portrait of the newly crowned King Charles III by mid-2024.

READ MORE: King Charles’s new official photo revealed, see how he honors his parents

According Bloombergthe central bank also said it would unveil the new portrait of the king which will appear on the updated banknotes by the end of the year.

There will be no further changes to the polymer £5, £10, £20 and £50 banknotes other than changing the portrait from the late Queen Elizabeth II to her son.

Elizabeth, who died this month after reigning as a monarch for 70 years, has appeared on British banknotes since 1960, eight years after she was crowned in 1952.

Prior to 1960, Bank of England notes generally did not feature the monarch.

Current banknotes with Elizabeth’s portrait will be legal tender even when the new banknotes are rolled out, and according to the Bank of England they will ‘only be withdrawn from circulation when worn or damaged’.

READ MORE: King Charles III leaves poignant message on Queen’s coffin at funeral

Portraits of historical figures Winston Churchill, Jane Austen, JMW Turner and Alan Turing also feature on the current series of banknotes in England.

So far, the Bank of Canada has not said whether Elizabeth, who appears on the Canadian $20 bill, will be replaced by Charles. It is also unclear who will replace the Queen on Canadian coins issued by the Royal Canadian Mint.

“The passing of Her Majesty Queen Elizabeth II marks the end of an era for our country and the Mint is currently working with the Government of Canada on next steps,” the Mint said. The Daily Hive.