King Charles III’s official monogram revealed by Buckingham Palace

King Charles III’s portrait is expected to be introduced on banknotes by the mid of 2024, the Bank of England said on Tuesday.

The image of the new monarch to be used on the new banknotes will be revealed by the end of the year, the bank statement read.

"His Majesty’s portrait will appear on existing designs of all four polymer banknotes,” the statement said. “This will be a continuation of the current polymer series and no additional changes to the banknote designs will be made."

King Charles will appear on £5, £10, £20 and £50 notes. Meanwhile, no other changes will be made to the notes, said the statement from the bank.

Queen Elizabeth, who passed away at the age 96 after reigning as monarch for 70 years, has been featured on U.K. banknotes since 1960, eight years after she took to the throne in 1952.

Moreover, King Charles III’s new cypher has been released by Buckingham Palace on Monday.

The new monarch’s monogram features initials of the King’s name that will appear on military and staff uniforms, government buildings, state documents and mailboxes.