With the death of the Queen and the proclamation of our new monarch, coins and banknotes will soon change.

The Bank of England has announced its time frame for when the new tender featuring King Charles III will be in circulation.

There are 27 billion coins and 4.5 billion sterling notes featuring the Queen's effigy currently active, the mint said.

Under the plans, the coins and banknotes will co-circulate with currency featuring Queen Elizabeth II and will be gradually replaced over several years.

Here is everything you need to know.

When will King Charles coins and banknotes be introduced?

While it may be some time before our coins and notes change, the portrait of the King that will appear on our currency will be revealed by the end of this year.

The King's portrait will face the left whereas Queen Elizabeth II's faces the right - a tradition from the 17th century to alternate the way successive monarchs are facing.

Currency featuring the Queen will be replaced over time as coins and notes become damaged or worn.

The Royal Mint said that coins bearing the effigy of the King will enter circulation in line with demand from banks and post offices, and will circulate alongside coins featuring the Queen “for many years to come”.

New banknotes featuring Charles are expected to enter circulation by mid-2024 and his portrait will appear on existing designs of all four denominations of banknote.

This will be a continuation of the current polymer series and no additional changes to the banknote designs will be made, the Bank of England said.

What is the cost of changing our currency?

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.

Historically it has been commonplace for coins featuring the effigies of different monarchs to co-circulate. This ensures a smooth transition, with minimal environmental impact and cost.

Anne Jessopp, chief executive officer at 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.”

What about stamps?

The Royal Mail confirmed the King's image will replace the Queen's on new 1st and 2nd Class stamps.

Issues of special stamps will also feature a silhouette of Charles.

The Royal Mail said: “In line with guidance from the Royal Household, to minimise the environmental and financial impact of the change of monarch, existing stocks of definitive stamps that feature the late Queen and the special stamps which use her silhouette, will be distributed and issued as planned. The launch dates of some of the special stamps may change.

“New stamps featuring King Charles will enter circulation once current stocks of stamps are exhausted.”

Stamps are also set to change over the next few months with the introduction of barcodes.

All non-barcoded stamps will be valid for use until January 31 but they can be swapped for the new stamps via an online form.