Mark Carney, governor of the Bank of England, on Monday said Alan Turing had been selected the face of the new 50-pound note.

While about 344 million £50 notes are in circulation, featuring Queen Elizabeth, the £50 note is the last of the Bank of England collection to switch to polymer from paper.

The image of the code-cracking mathematician, whose work saved countless lives in World War II, will grace the new note when it enters circulation by the end of 2021.

Also known as the pound sterling, £50 is the highest-denomination banknote the Bank of England issues.

Once known as the "currency of corrupt elites," it is the least used today, the BBC reported. The £50 note is equivalent to $62.59.

At the Science and Industry Museum in Manchester, Carney unveiled the selection of Turing, his image and his work that will be used on the reverse of the note. Carney said, a Bank of England news release said.

"Alan Turing was an outstanding mathematician whose work has had an enormous impact on how we live today," Carney said in a statement.

"As the father of computer science and artificial intelligence, as well as war hero, Alan Turing's contributions were far ranging and path breaking. Turing is a giant on whose shoulders so many now stand."