It will take some time before the monarch on British currency changes over.

On Tuesday, the Bank of England announced that they expect to rollout new banknotes featuring the portrait of newly crowned King Charles III by mid-2024.

READ MORE: King Charles’ New Official Photo Revealed, See How He’s Honouring His Parents

According to Bloomberg, the central bank also said that they will reveal the new portrait of the King to be featured on the updated notes by year’s end.

No additional changes to the polymer £5, £10, £20 and £50 notes will be made, beside the change in portrait from the late Queen Elizabeth II to her son.

Elizabeth, who died this month after reigning as monarch for 70 years, has been featured on U.K. banknotes since 1960, eight years after she was crowned in 1952.

Prior to 1960, Bank of England notes did not generally depict the monarch.

Current notes with Elizabeth’s portrait will remain legal tender even when the new notes are rolled out, and according to the Bank of England they will “only be removed from circulation once they become worn or damaged.”

READ MORE: King Charles III Leaves Poignant Message On The Queen’s Coffin At Funeral

Also featured on the current series of banknotes in England are portraits of historical figures Winston Churchill, Jane Austen, JMW Turner and Alan Turing.

As yet, the Bank of Canada has not commented on whether Elizabeth, who is featured on the Canadian $20 bill, will be replaced by Charles. It is also not known who will replace the Queen on Canadian coins issued by the Royal Canadian Mint.

“The passing of Her Majesty Queen Elizabeth II marks the end of an era for our country and the Mint is currently working with the Government of Canada on the next steps,” the Mint told The Daily Hive.