The Bank of England will introduce next month a new £50 banknote, featuring the renowned 18th-century business partnership of entrepreneur Matthew Boulton and engineer James Watt.

The note will be put into circulation Nov. 2.

The new Boulton and Watt £50 banknote will initially circulate in tandem with the existing £50 banknote featuring Sir John Houblon, the first governor of the Bank of England, which was introduced in 1994. Eventually, the latter notes will be withdrawn, but they can always be exchanged with the Bank of England for their face value.

The Boulton and Watt banknote represents the first time that two portraits have appeared together on the back of a Bank of England note. Also, a range of new and enhanced security features have been incorporated into the design of the Boulton and Watt banknote.

The bank will announce the withdrawal date of the Houblon banknote soon.