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.

“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.

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.

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.

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.

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!”

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.