First images of British banknotes featuring King Charles III unveiled

London(CNN Business) The first images of banknotes featuring Britain's King Charles III were unveiled on Tuesday by the Bank of England.

Charles' portrait will appear on English notes of £5, £10, £20 and £50. Meanwhile, the rest of the design will remain the same as the current notes that feature the late Queen Elizabeth II on the front. The cameo in the transparent security window will also feature the current monarch, the United Kingdom's central bank said in a press release.

The new banknotes are expected to enter circulation by mid-2024 and will co-circulate with notes featuring the Queen's portrait, which will remain legal tender in the UK, according to the bank.

"This is a significant moment, as The King is only the second monarch to feature on our banknotes," Bank of England Governor Andrew Bailey said ahead of the release.

The reverse side of the notes will remain unchanged -- the current designs feature portraits of Winston Churchill, Jane Austen, JMW Turner and Alan Turing on the reverse of the £5, £10, £20 and £50 notes, respectively.

"To minimize the environmental and financial impact of this change, new notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes," the Bank of England added.

Earlier this month, the first coins bearing the official effigy of King Charles III entered circulation. The 4.9 million 50 pence coins feature the King's portrait, and on the reverse, a design symbolizing the "life and legacy" of the late Queen, according to the Royal Mint.