The King’s image will appear on existing designs of the four polymer banknotes: £5, £10, £20 and £50. The image appears on the front of the banknotes, as well as in cameo in the security window on the note.

The reverse side of each note remains unchanged. As a result, the £5 note continues to feature an image of Winston Churchill, the £10 note features Jane Austen, the £20 note includes JMW Turner and the £50 note features Alan Turing.

The new notes are due to enter circulation by the middle of 2024, and will only be printed to replace worn banknotes and to meet any overall increase in demand for the notes.

Notes including the portrait of the late Queen Elizabeth II remain legal tender and can be used as normal. As a result, notes featuring both monarchs will be in circulation at the same time.

Andrew Bailey, governor of the Bank of England, said: “I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III.

“This is a significant moment, as the King is only the second monarch to feature on our banknotes. People will be able to use these new notes as they start to enter circulation in 2024.”

The banknote images come after the first coins including the image of the King entered circulation earlier this month.