Banknotes bearing the effigy of King Charles III enter circulation in the UK

These new polymer banknotes - which have gradually replaced paper currency in the UK since 2016 - will circulate alongside those featuring the portrait of Queen Elizabeth II.

They will be printed little by little to "replace those that are worn out", the press release states, in order to "minimize the environmental and financial impact" of the change of monarch.

These new bills will join the coins bearing the effigy of Charles III, which entered circulation in December 2022, a few months after the death of his mother.

From Wednesday, members of the public will also be able to exchange their old bills for those bearing the effigy of Charles III via the Bank of England, up to a limit of £300 per person.