King Charles Has Charming Reaction to First Bank Notes Featuring His Face
The induction of the new money marks one of the last steps in the change of reign from Queen Elizabeth

King Charles is in circulation.

On Tuesday, the King, 75, welcomed the Bank of England Governor Andrew Bailey and Chief Cashier Sarah John to Buckingham Palace to receive the first bank notes featuring his portrait.

The sovereign, who has postponed public-facing duties while receiving cancer treatment, appeared in good spirits during the small audience, where he had a lighthearted reply to the £5, £10, £20 and £50 bills featuring his face.

“Very elegant,” King Charles said of the design, which is an engraving inspired by a picture of him taken in 2013, the BBC reported.

According to the outlet, it’s tradition for the British sovereign to receive the first issues of a new tender. The new polymer banknotes will enter circulation on June 5 and the existing bills featuring the late Queen Elizabeth will remain in use. The Bank of England said that the new banknotes will only be printed to replace bills that have become worn or meet necessary increase.

King Charles III (left) is presented with the first bank notes featuring his portrait from the Bank of England Governor Andrew Bailey and Sarah John, the Bank of England’s Chief Cashier, at Buckingham Palace, April 9, 2024 in London, England.
King Charles, Bank of England Governor Andrew Bailey and Bank of England’s Chief Cashier Sarah John at Buckingham Palace in London on April 9, 2024.
Yui Mok – WPA Pool/Getty

King Charles and Queen Camilla Mark 19th Wedding Anniversary — How Their Lives Have Changed Since Coronation
“Our approach is in line with guidance from the Royal Household, to minimize the environmental and financial impact of this change,” the national bank explained in a statement — no surprise given King Charles’ lifelong interest in sustainability and conservation.

Britain’s King Charles III (L) is reacts as Bank of England Governor Andrew Bailey (C) and Bank of England’s Chief Cashier Sarah John present him with the first bank notes featuring his portrait, at Buckingham Palace in London on April 9, 2024.
King Charles, Bank of England Governor Andrew Bailey and Bank of England’s Chief Cashier Sarah John at Buckingham Palace in London on April 9, 2024.
YUI MOK/POOL/AFP via Getty

The Bank of England Governor also told the King that the new money marked the hub’s first time swapping sovereigns on the currency, as Queen Elizabeth was the first sovereign to have her image on all Bank of England bills, the BBC said. Unlike the money famously affiliated with his late mother throughout her record 70-year reign, however, King Charles is not wearing a crown in the currency.

A view of the £5 and £10 bank notes bearing a portrait of King Charles III, which will enter circulation on June 5, presented to the King by the Bank of England Governor Andrew Bailey, at Buckingham Palace on April 9, 2024 in London, England.
The new bank notes featuring King Charles’ portrait, set to enter circulate on June 5, as presented to the King at Buckingham Palace on April 9, 2024.
Yui Mok – WPA Pool/Getty

King Charles Smiles at Well-Wishers Outside Sandringham Church One Week After Surprise Easter Outing
The outlet added that the induction of the new money marks “one of the last major steps of the transition” to King Charles’ reign following his accession in September 2022 upon his mother’s death. His likeness is already featured across coins and stamps in the U.K., and where he is depicted without a crown in a portrait facing to the left. That shot is an adapted version of the portrait created by Martin Jennings for The Royal Mint.

Kings “have not always worn a crown, so quite rightly, the King has decided that’s the image he wants, and we are very happy to show that image as he chose,” David Gold, director of external affairs and policy at the Royal Mail, said of what King Charles chose.

A view of new King Charles III stamps in London, United Kingdom on April 12, 2023.
A shot of the King Charles stamps in London on April 12, 2023.
Getty

The sovereign’s latest audience at Buckingham Palace came a week after his surprise Easter Sunday walkabout with Queen Camilla. In an unexpected move, the royal couple shook hands and exchanged holiday wishes with a small crowd following a service at St. George’s Chapel at Windsor Castle on March 31.

The public interaction was unexpected, as the royal couple sat apart from the rest of the congregation (including several members of the royal family) in line with medical advice to minimize the risk of infection amid the King’s treatment.

King Charles III and Queen Camilla attend the traditional Easter Sunday Mattins Service at St George’s Chapel, Windsor Castle on March 31, 2024 in Windsor, England.
King Charles and Queen Camilla attend the Easter Sunday Mattins Service at St George’s Chapel, Windsor Castle on March 31, 2024.
Max Mumby/Indigo/Getty

Can’t get enough of PEOPLE’s Royals coverage? Sign up for our free Royals newsletter to get the latest updates on Kate Middleton, Meghan Markle and more!

The sovereign briefly spoke about his health during the mini walkabout, as seen in video shared to X by Rebecca English of the Daily Mail.

“Get well soon, Your Majesty,” one woman said outside the chapel, prompting the King to reply, “I’m doing my best!”
King Charles III and Queen Camilla greet people after attending the Easter Matins Service at St. George’s Chapel, Windsor Castle
King Charles and Queen Camilla greet people after attending the Easter Matins Service at St. George’s Chapel, Windsor Castle, on March 31, 2024.
Hollie Adams – WPA Pool/Getty Images

A royal source tells PEOPLE that the sovereign is “progressing well” in his treatment and there is an “amplified confidence” amid the sophisticated treatment receiving.

“He is positive, the doctors are optimistic,” the source says.