Economist Adam Smith will be replaced by a historic figure from the visual arts on the new £20 note to be released next year.
The Bank of England (BoE) will invite the public to nominate candidates on who should adorn the new bank note, via its website until the deadline of 19 July.
In particular, the BoE is looking for people of historic significance from the visual arts including artists, sculptors, printmakers, designers, craftspeople, ceramicists, architects, fashion designers, photographers, and filmmakers.
Previous figures to feature on the £20 note have included playwright William Shakespeare, scientist Michael Faraday and composer Sir Edward Elgar.
Speaking from the launch of the nominations period held at the Victoria & Albert Museum, BoE Mark Carney said:
There are a wealth of individuals within the field of visual arts whose work shaped British thought, innovation, leadership, values and society and who continue to inspire people today. I greatly look forward to hearing from the public who they would like to celebrate.
The chosen figure is expected to be unveiled early 2016.
A new £5 note featuring Winston Churchill will enter circulation around the same time while a £10 note featuring Jane Austen will follow in 2017. The BoE picked Austen for the note following an online campaign to put more women on British currency.
The new £20 note will enter circulation in three to five years.