Plans for new £5, £10, £20 and £50 notes featuring a portrait of King Charles III have been revealed.
Images of the updated banknotes will be revealed by the Bank of England by the end of the year.
Coins and banknotes featuring King Charles III and Queen Elizabeth II will co-circulate under the plans for the rollout.
Currency featuring the Queen will be replaced over time as coins and notes become damaged or worn.
The new banknotes featuring Charles are expected to enter circulation by mid-2024.
While the Royal Mint said coins featuring the new King will enter circulation in line with demand from banks and post offices.
In line with guidance from the Royal Household to minimise the environmental and financial impact of the change of monarch, existing stocks of notes featuring the Queen will continue to be issued into circulation, the Bank of England said.
New notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes.
Current banknotes featuring the portrait of the Queen will continue to be legal tender and will only be removed from circulation once they become worn or damaged, meaning they will co-circulate with those featuring Charles.
The Royal Mint said it will unveil further details about coins featuring the King over the coming weeks.
All UK coins bearing the effigy of the Queen will remain legal tender and in active circulation, the Mint said.
Anne Jessopp, chief executive officer, the Royal Mint, said: “We are honoured to have struck each UK coin of her late majesty’s reign, documenting her journey from young Queen to respected head of state.
“As official coin maker to the UK, we have told the story of each monarch since Alfred the Great and are now preparing for the biggest change in British coinage for several decades.
“The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices. This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come.”
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