A MAJOR change is on its way for banknotes as they are updated with a new design – but you will have to wait before getting your hands on one.
The Bank of England has begun printing millions of bank notes featuring King Charles’s image – but the newly designed dosh won’t be in circulation until summer 2024.
In December, the Bank of England revealed the King’s portrait for the notes, supplied to them by Buckingham Palace in 2013.
It has been updated over the years, and the final image of the monarch will be displayed on the front of all polymer £5, £10, £20, and £50 notes.
Although the Bank of England has already started printing millions of new banknotes, they will not be in circulation for over a year.
According to the Bank of England’s chief cashier Sarah John, the delay is to give businesses a chance to update their self-service tills to recognise the new design.
Speaking to the BBC, she said: “There is a lot to do to ensure that machines used up and down the country can accept the banknotes.
“They all need to be adapted to recognise the new design, with software updates, and that takes months and months.
“Otherwise, we will be putting a banknote out there that people simply would not be able to use.”
King Charles, 74, will be the second British monarch to appear on a banknote.
He succeeds the late Queen, whose portrait was printed on the £1 note in 1960.
The King’s image will appear on the front of the notes, as well as in the see-through security window.
Other designs are set to remain the same, and other portraits including Jane Austen, Sir Winston Churchill, Alan Turing and JMW Turner will continue to appear on the notes.
In line with guidance from the Royal Household, and to minimise the environmental and financial impact of this change, new notes will only be printed to replace worn-out notes or to meet any overall increase in demand.
Current notes featuring the portrait of the late Queen will remain legal tender.
Speaking to MailOnline, Bank of England Governor Andrew Bailey said: “I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III.
“This is a significant moment, as the King is only the second monarch to feature on our banknotes.
“People will be able to use these new notes as they start to enter circulation in 2024.”
The portrait of King Charles, shows him in Garter robes, facing the camera and looking slightly left.
The image of the late Queen showed her looking to the right, according to tradition each King or Queen faces in the opposite direction to their predecessor.