King Charles III, who is heroically fighting cancer, is looking forward to a new milestone in his reign, as the Bank of England has announced that banknotes featuring a new portrait of the monarch will shortly be in circulation.

The 75-year-old’s picture will appear on new banknotes starting June 5. The royal family is thought to be planning a celebration to commemorate the milestone.

Old notes with images of the late Queen Elizabeth II, on the other hand, will remain legal currency and circulate alongside new ones.

The King’s image will appear on the current designs of all four banknotes (£5, £10, £20, and £50), with no additional alterations.

“The new banknotes will only be printed to replace those that are worn, and to meet any overall increase in demand for banknotes,” the Bank said in a statement.

The BoE noted that the new King Charles notes will be introduced gradually to the public in accordance with Royal Household guidelines “to minimise the environmental and financial impact of this change”.