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The portrait of the King will appear on existing designs of all four banknotes - £5, £10, £20 and £50 - from the summer.

Banknotes carrying the King's portrait will appear in Britons' wallets for the first time from 5 June.

From the summer, newly issued banknotes will feature the likeness of the King on all four denominations - £5, £10, £20 and £50.

Notes which feature Queen Elizabeth II will still remain legal tender, and will co-circulate alongside King Charles notes.

In a statement, the Bank of England said new rounds of notes will only be printed to replace those that are worn and to meet any overall increase in demand.

They added the small rollout will be done in a bid to minimise the environmental and financial impact of updating the notes, and said it means the public will begin to see them "very gradually".

The new designs were unveiled in December with no other changes to the existing layout.

The Bank of England also said a limited amount of "current or old series notes" can be exchanged for the new versions shortly after they are issued in June.

They added more details would be released at the time. A charity auction for a run of the new notes which are "low-serial numbered" will also be held over the summer by Spink & Son.

The notes were designed in collaboration between the Bank of England and De La Rue, and feature the King's image as a portrait on the front as well as in the see-through security window on the back.

Coins bearing King Charles' face also entered circulation in August last year, with almost five million 50p coins marking the monarch's coronation released.