The Bank of England has confirmed that it plans to issue a new £50 note.
The new note will follow in the footsteps of the £5 and £10 notes, by being made out of a type of plastic called Polymer.
The new £20 note will be issued in 2020 and made out of the same material.
As part of the changes to the £50 note, new characters will be chosen to be printed on the back of the note.
So - who do you think it should be?
Why do they choose different characters?
The Bank of England have put characters on the back of banknotes for almost 50 years.
William Shakespeare was the first person to appear on the £20 note.
They say it allows us to celebrate people who have shaped UK society through their achievements, innovation, leadership or values.
How do they choose different characters?
It's a long process. The Bank of England looks for people in the UK who are widely admired and contributed to our society.
They avoid fictional characters, or people who are still living, except the Queen on the front of the note of course.
The Banknote Character Advisory Committee starts the process in selecting characters.
They select a specialist area that the bank should represent and ask the public to nominate people from the chosen field.
For example, in 2015, someone who works in visual arts was needed for the next £20 note.
590 people were suggested, these included painters, sculptors and printmakers.
A long list is created by other professionals from that expert area, then a short list is made after speaking to groups of people to see how they feel about the characters.
The final decision is made by the Governor of the Bank of England - Mark Carney.
In 2016 the artist JMW Turner was chosen to appear on the next £20 note.