World War II leader Winston Churchill may be replaced by a nature scene, on the UK £5 banknote.
The bank said in a statement that for more than 50 years, it has proudly showcased many inspirational historical figures who have helped shape national thought, innovation, leadership and values on its banknotes.
But it stated that the change to wildlife imagery provides an opportunity to celebrate another important aspect of the UK.
The bank said it will gather views later this year about the specific wildlife the public would like to feature on the next set of banknotes.
Bank of England chief cashier Victoria Cleland said the key driver for a new series of banknotes was how to stay ahead of counterfeiters.
Novelist Jane Austen, artist J. M. W. Turner and mathematician and codebreaker Alan Turing are also due to be phased out on the £10, £20 and £50 banknotes respectively as part of a redesign.
The next series of banknotes due to be issued by the Bank of England will feature animals like badgers, frogs, hedgehogs, barn owls and newts native to the UK.
They will continue to feature a portrait of the monarch King Charles III on the other side, while the banknotes with the late Queen Elizabeth II also remain in circulation.
Main opposition Conservative lawmaker Alex Burghart called the decision “outrageous”.
