King Charles banknotes UK: The Bank of England revealed on Wednesday that banknotes bearing the portrait of King Charles will officially enter circulation across Britain beginning June 5, marking a significant milestone more than a year after the unveiling of their design.

These polymer banknotes, featuring King Charles' portrait, will span denominations of five, 10, 20, and 50 pounds, and be circulated along existing notes adorned with the image of the late Queen Elizabeth.

In its statement, the Bank of England clarified that the issuance of new banknotes featuring King Charles would be strictly limited to replacing worn-out notes and fulfilling any notable increase in demand. This prudent approach, endorsed by guidance from the Royal Household, is aimed at mitigating both the environmental and financial impacts associated with the transition.

Emphasising a gradual transition, the Bank of England underscored that the introduction of the new banknotes featuring the 75-year-old monarch, renowned for his environmental advocacy, will occur in a phased manner.

Following Queen Elizabeth's remarkable 70-year reign, which concluded in 2022, King Charles ascends as the second monarch to be featured on banknotes issued by the Bank of England. Notably, the Royal Mint initiated the circulation of coins bearing his profile towards the latter part of 2022.

(With Reuters inputs.)