King Charles today greeted the governor of the Bank of England for a historic meeting where he was presented with the first banknotes bearing his portrait.

The King praised the notes as ‘very well designed’ and expressed his surprise at being only the second monarch to feature. He received a leather-bound booklet containing the historic legal tender from Andrew Bailey at Buckingham Palace.

It was a milestone moment for the monarch, who is undergoing treatment for an undisclosed cancer.

‘Good morning Governor. I’m sorry it’s a bit delayed this. I hope it isn’t too delayed,’ Charles said.

But Mr Bailey replied: ‘Not at all. We’re still in advance of launching them.’

Charles remarked: ‘Oh you are? Great.’

They were joined by Sarah John, the Bank of England’s Chief Cashier, whose signature appears on the currency, and the King gave a broad grin as he greeted his guests in the 1844 Room.

Ms John told the King they were the number 1 notes in the series and that the general public would start to see them early in June.

The King replied: ‘I wondered how it would come out.’

Charles inspected the four £5, £10, £20 and £50 notes – the first low-numbered note of each denomination with 01 000001 serial numbers – and pointed and smiled at the details as Mr Bailey turned the pages, showing the front and back.

King Charles is only the second British monarch to grace the Bank of England’s notes – and it is the first time one sovereign’s image has been replaced with another.

King Charles III (left) is presented with the first bank notes featuring his portrait from the Bank of England Governor Andrew Bailey at Buckingham Palace

The King and Mr Bailey were joined by Sarah John (right), the Bank of England’s Chief Cashier, whose signature appears on the currency

Pictured are one side of the £5 and £10 bank notes which bear a portrait of King Charles III, and which will enter circulation on June 5, 2024

The other side of the bank notes will remain the same as they were previously. The other side of the £5 and £10 bank notes can  be seen on the left, while the £20 and £50 notes bearing the King’s face can be seen on the right

Although notes began to be issued from the late 17th century, Charles’s mother, Queen Elizabeth II, was the first British sovereign to be given the honour in 1960 on a £1 paper note. Before this, Britannia was the only character to have appeared.

Mr Bailey said as he prepared to hand over the book: ‘We have come to present you with your bank notes.’

It prompted Charles, who was stood with his hands behind his back, to chuckle and remark: ‘Oh right.’

Mr Bailey told him: ‘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.’

Charles replied: ‘This is what is so surprising. You would think that it goes back.’

The King inspected the notes and praised the intricate features incorporated to prevent counterfeits, saying: ‘A lot trouble taken in on the security side.’

‘They’re very well designed I must say,’ he added.

The money will be issued gradually into circulation from June 5 – with Charles’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.

Charles 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.

Existing notes featuring the portrait of the late Queen will continue to be legal tender, so the Elizabeth II and King Charles III notes will co-circulate.

King Charles III reacts to the first bank notes featuring his portrait as Bank of England Governor Andrew Bailey shows him the leather-bound booklet

The meeting between the Governor of the Bank of England and King Charles took place this morning

A view of the £5 and £10 bank notes bearing a portrait of King Charles III, which will enter circulation on June 5

A £5 bank note bearing a portraitof King Charles III, which will enter circulation on June 5

The King gave a broad grin as he greeted his guests in the 1844 Room

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

Charles received a leather-bound booklet containing the historic legal tender from Andrew Bailey

New notes will only be printed to replace worn-out ones and to meet any overall increase in demand in order to minimise the environmental and financial impact of the change – in keeping with the Royal Household’s request.

Tuesday marked both happy and sad anniversaries for the King, falling on his and the Queen’s 19th wedding anniversary, and the third anniversary of the death of his father, Prince Philip, the late Duke of Edinburgh.

It was also the 22nd anniversary of the funeral of Charles’s grandmother, the Queen Mother.

Camilla has been dubbed the monarchy’s ‘saviour’ and praised for keeping ‘the show on the road’ while the King and the Princess of Wales undergo treatment for cancer.

Charles and Camilla married on April 9 2005 in a private civil ceremony at Windsor’s Guildhall, followed by a televised blessing in St George’s Chapel.

Their nuptials were postponed by a day just four days beforehand when their ceremony clashed with Pope John Paul II’s funeral in Vatican City, which Charles had to attend to represent his mother.

Much has changed in the years since Charles wed his long-term love.

Camilla was blamed for the breakdown of his marriage to Diana, Princess of Wales, and, when news of their affair first came to light, she faced vitriolic criticism.

She gradually took on a more prominent position within the royal family over the years, including riding next to Elizabeth II in her Diamond Jubilee carriage procession.

She was crowned Queen Camilla at the King’s side at the coronation last year.

Charles, 75, made a rare outdoor appearance on Easter Sunday, attending church with the Queen and greeting crowds of well-wishers.

King Charles making his way to a Sunday morning church service in Sandringham as he continued his cancer recovery

The King has been balancing his time between his Sandringham estate in Norfolk and London, where is receiving his treatment for cancer.

Charles is reported to be feeling ‘over the moon’ after his cancer treatment has started well and is ‘raring to go’ for a two-week state visit to Australia.

The monarch could return Down Under in just months with Queen Camilla at his side as he prepares for a trip in October.

‘The King is raring to go after a significant amount of time off due to his cancer diagnosis,’ a source told The Sun.

‘He knows he can’t hang around and is feeling extremely positive after tests meant he could attend the Easter Sunday service and spend time meeting the public, which he has missed.

‘He’s over the moon with the way treatment has gone and supercharging plans for Australia, New Zealand and Samoa.’

The upcoming tour would have significant differences to the Royals’ usual trips – and would include ‘significant down-time’, insiders say.

The Australian tour is seen as one of the most important for the King, with the late Queen visiting the country 16 times in her reign.

And more than a year since her death, she remains the only reigning monarch to have visited.

Last week, the King announced the appointment of Sam Mostyn as the next Governor-General of Australia. She will officially take her place in July as the British monarch’s representative.

No upcoming trips have been confirmed, Buckingham Palace recently told MailOnline.