Mr Bailey said: “This is quite a big moment because we’ve never changed the sovereign on the bank notes because the Queen was the first sovereign to be on the bank notes.”
The King replied: “This is what is so surprising. You would think that it goes back.”
He inspected the notes and praised the intricate features incorporated to prevent counterfeits, saying: “A lot of trouble taken in on the security side. They’re very well designed, I must say.”
At the request of the Royal household, existing notes featuring Queen Elizabeth will remain in circulation to minimise the environmental and financial impact of the change of monarch.
New notes will only be printed to replace worn banknotes and will co-circulate with those featuring the late Queen, it has been reported.
The money will be issued gradually into circulation from June 5, with the King’s portrait featuring on the front of the banknotes, as well as in cameo in the see-through security window, visible on the front and back.
The reverse side characters remain unchanged from previous editions – with Sir Winston Churchill on the £5, Jane Austen on the £10, JMW Turner on the £20 and Alan Turing on the £50.
The King expressed his admiration of the artistry, saying of the £5: “It’s a very good photograph of Sir Winston.”
And he took a particular liking to the back of the £20 and the £50.
“They’re very elegant these ones, I must say,” he said.
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