The Bank of England has released a new design for banknotes that include the picture of King Charles.

The only alteration to the current designs of the £5, £10, £20, and £50 notes will be the picture, which will go into circulation in the middle of 2024.

The King’s picture will appear on new notes on the front and in the transparent security window.

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After the new notes start to circulate, old notes will still be accepted in stores.

Beginning in 1960, Queen Elizabeth was the first and only monarch to be depicted in circulation Bank of England banknotes.

The monarch is not shown on the notes that Scottish and Northern Irish banks have printed.

Currently, there are 4.5 billion unique Bank of England notes in circulation, totaling around £80 billion.

According to the Bank of England, in order to minimize the environmental and financial effects of the transition, the new notes would only be issued to replace worn-out notes or to satisfy rising demand, as instructed by the Royal family.

Andrew Bailey, governor of the Bank of England, expressed his “proudness” over an “important occasion” with the new design.

Meanwhile, King Charles III-themed fifty pence coins have already started to circulate via post offices all around the nation.

About half of the total quantity planned for circulation—4.9 million of the new coins—are being supplied to post offices to be used as change for clients.