A further announcement regarding notes will be made once the period of mourning has been observed following the Queen’s death.
The Queen was the first monarch to feature on Bank of England banknotes, Threadneedle Street said.
Bank governor Andrew Bailey said: “It was with profound sadness that I learned of the death of Her Majesty The Queen.
“On behalf of everyone at the Bank I would like to pass on my deepest condolences to the Royal Family.
“For most of us, she is the only head of state we have ever known, and will be remembered as an inspirational figure for our country and the Commonwealth.”