King Charles III was presented with the inaugural set of banknotes featuring his portrait by representatives from the Bank of England at Buckingham Palace in London on Tuesday.
The 75-year-old monarch, currently undergoing cancer treatment, was photographed alongside Bank of England Governor Andrew Bailey and Chief Cashier and Executive Director of Banking Sarah John.
This marks a significant moment in history as it signifies the first alteration of the British monarch's image on a banknote by the Bank of England. King Charles’ late mother, Queen Elizabeth II, became the first monarch to grace a Bank of England note in 1960.
"The King was presented with GBP 5, 10, 20, and 50 notes," announced the palace.
"These are the first notes to feature His Majesty's image. The notes are scheduled to enter circulation on 5th June 2024," the statement added.
The Bank of England had previously declared that the polymer banknotes featuring Queen Elizabeth II's portrait will remain legal tender, co-circulating alongside the new King Charles III notes. The issuance of the new banknotes will be limited to replacing worn-out currency and fulfilling any increase in demand for banknotes.
"Our strategy aligns with guidance from the Royal Household to minimize the environmental and financial repercussions of this transition. Consequently, the introduction of the new King Charles III notes will be gradual," stated the Bank of England.
In accordance with the new portrait design introduced last year, the King's image will be prominently displayed on the front of the banknotes, while also appearing in cameo within the transparent security window. The reverse side of the notes will remain unchanged.
King Charles had reduced his public appearances significantly, with his last outing being an Easter service at the end of last month.
There are indications that the palace intends to resume scheduling more public engagements in the forthcoming weeks, reflecting the reported progress in the King's treatment.
(PTI)
Bob Blackman MP speaks during the event