King Charles III Bank Notes to Circulate in 2024
The Royal Mint released a commemorative coin series in honor of the late queen. These are the first coins to feature King Charles III's official effigy.
Over 27 billion coins feature Queen Elizabeth II’s likeness, alongside approximately 4.7 billion bank notes. With the queen’s passing, there has been much speculation on what will happen to those coins and bank notes, as well as what the new portrait of King Charles III will look like.
The Royal Mint announced on Oct. 3 the release of a commemorative set for the late queen. These are the first coins to have King Charles’s effigy. Per tradition, a new monarch will face the opposite direction than their predecessor, which makes the new king face left, as the queen faced right on her coins and bank notes.
According to a press release by the Bank of England, images of updated bank notes featuring the King’s new portrait will be revealed by the end of this year, but the notes themselves aren’t expected to enter circulation until mid-2024. To lessen confusion, environmental, and financial impacts, current bank notes will continue to circulate alongside the new issues. Currency featuring the late queen will only be removed from circulation once they become worn or damaged.
His Majesty’s portrait will be featured on the front of the bank notes, as well as in cameo in the see-through security window.
There is now much debate on whether the new king will appear on the currency of various Commonwealth countries. Australia is one of those countries who are thinking about removing the British monarch from their bank notes. Law requires the king’s effigy be on coins, but there is no mandate for bank notes.
