In the summer, the public will be invited to say which specific wildlife, native to the UK, from the shortlist they would like to feature on the next series of banknotes. Household pets will not be considered.
The new notes may also incorporate other elements from nature, such as plants and landscapes, to complete the design.
The Bank may hope to match the success of Bermuda Monetary Authority’s $5 note, which was the latest winner of the International Bank Note Society’s banknote of the year award.
The note is predominantly pink and carries images of a blue marlin, dolphins and tuna fish as well as a profile of King Charles III. The back of the vertically designed note combines butterflies, flora, Horseshoe Bay and a boat passing beneath Somerset Bridge.
Animals and nature, as well as railways and TV nostalgia, featured strongly among the ideas sent in to the BBC’s Your Voice when we asked for your views on banknote themes last year.