New banknotes bearing the image of King Charles III will be unveiled at the end of the year – but old money is going nowhere fast.
Under plans to change the currency’s design to mark the change in monarch, people will be able to use new money at the same time as using older designs for several years.
Coins and notes featuring Queen Elizabeth II will co-circulate and be replaced over time, the Royal Mint has revealed.
It said coins bearing the king’s image will enter circulation in line with demand from banks and post offices.
They will circulate alongside coins featuring the Queen ‘for many years to come’, it is predicted.
New banknotes featuring Charles are expected to enter circulation in mid-2024, and his portrait will appear on the existing design of all four banknote denominations.
The Royal Household has requested that existing stocks of banknotes featuring the Queen continue to be issued to reduce the environmental impact of the transition.
New notes will only be printed to replace worn notes and to meet an overall increase in demand for notes.
Current banknotes bearing the portrait of the Queen will continue to be legal tender and will only be removed from circulation when they become worn or damaged.
The Royal Mint is expected to reveal further details about coins featuring the King in the coming weeks.
There are currently around 27 billion coins in circulation in the UK bearing the Queen’s image.
Anne Jessopp, Chief Executive, Royal Mint, said: ‘We are honored to have struck every British coin from her late majesty’s reign, documenting her journey from young queen to respected head of state.
‘As the official mint of Great Britain, we have told the story of every monarch since Alfred the Great and are now preparing for the biggest change in British coinage for decades.
‘The first coins bearing the image of His Majesty King Charles III will enter circulation in line with demand from banks and post offices.
‘This means that the coin of King Charles III and Queen Elizabeth II will circulate together in the UK for many years to come.’
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