The Bank of England has revealed that images of updated banknotes featuring a portrait of King Charles III will be released by the end of this year.
It comes as the bank announced plans for coins and banknotes following the death of Queen Elizabeth II.
With the announcement that the currency featuring the late monarch and her son will co-circulate.
Seeing currency that features the Queen replaced over time as coins and notes become damaged or worn.
However, the Royal Mint has shared that coins bearing the effigy of the King will enter circulation in line with demand from banks and post offices.
Adding that they will circulate alongside coins featuring the Queen “for many years to come”.
In line with the new monarch, new banknotes featuring Charles are expected to enter circulation by mid-2024 and his portrait will appear on existing designs of all four denominations of the banknote (£5, £10, £20 and £50).
Bank of England also shared that in line with guidance from the Royal Household to minimise the environmental and financial impact of the change of monarch, existing stocks of notes featuring the Queen will continue to be issued into circulation.
Meaning that new notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes.
Current banknotes featuring the portrait of the Queen will continue to be legal tender and will only be removed from circulation once they become worn or damaged, meaning they will co-circulate with those featuring Charles.
The Royal Mint said it will unveil further details about coins featuring the King over the coming weeks.
All UK coins bearing the effigy of the Queen will remain legal tender and in active circulation, the Mint said.
Currently, there are around 27 billion coins circulating in the UK bearing the effigy of the Queen.
However these will be replaced over time as they become damaged or worn, and to meet the demand for additional coins.
Anne Jessopp, chief executive officer, of the Royal Mint, said: “We are honoured to have struck each UK coin of her late majesty’s reign, documenting her journey from young Queen to the respected head of state.
Adding: “The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices.
"This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come.”
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