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June 5 (UPI) -- Banknotes with a portrait of King Charles III entered circulation for the first time on Wednesday, the Bank of England said. The new design will be featured on 5, 10, 20 and 50 pound banknotes and will only be printed to replace worn out banknotes and meet increase for banknote demand.
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"We're very pleased to be issuing the new King Charles banknote," Bank of England Gov. Andrew Bailey said in a statement. "This is a historic moment, as it's the first time we've changed the sovereign on our notes.
"We know that cash is important for many people, and we are committed to proving banknotes for as long as the public demands them. Bringing these new notes into circulation is a demonstration of that commitment."
The Bank of England said banknotes with the photo of King Charles' mother Queen Elizabeth II will remain legal tender and will co-circulate with King Charles banknotes.
Queen Elizabeth's portrait first appeared on the Bank of England banknote in 1960 when the tradition started. Few could have anticipated that she would become one of the country's longest-serving monarchs, remaining on the banknotes for more than 60 years during her reign.
The current Bank of England banknotes' back side features others, including Winston Churchill, Jane Austen, JMW Turner and Alan Turning.
The central bank also noted that notes issued in Scotland and Northern Ireland show other images and not the monarch.
