The king’s portrait will appear on five, 10, 20 and 50 pound polymer banknotes and will be circulated alongside existing notes that feature the late Queen Elizabeth.

New banknotes featuring Charles will only be printed to replace those that are worn, and to meet any overall surge in demand for notes, the BoE said.

The bank said that approach was in line with guidance from the Royal Household and aimed at minimising the environmental and financial impact of the change.

That means the new notes featuring the 75-year-old monarch, who is known for his environmental campaigning, will enter circulation “very gradually”, the BoE added.

Charles, who became king after Elizabeth’s 70-year-reign ended in 2022, will become the second monarch to feature on the BoE’s banknotes.

Britain’s Royal Mint began issuing the first coins featuring his profile into general circulation in late 2022.

(Reporting by Sachin Ravikumar; editing by William James)