Joseph Mallord William Turner, or JMW Turner (1775 - 1851), is known as "the painter of light" and described by artist Tracey Emin as a "wild maverick".
Mr Carney, the Bank's governor, said: "Turner is perhaps the single most influential British artist of all time. His work was transformative, bridging the classical and modern worlds. His influence spanned his lifetime and is still apparent today.
"I would also like to take this opportunity to thank all the people who got involved in the process and that sent us their suggestions for visual artists to celebrate. The range and breadth of these nominations is testament to the UK's achievements in the arts and the public's passion for it."
The banknote features Turner's self-portrait, from 1799, currently on display in the Tate Britain, and one of his most eminent paintings - The Fighting Temeraire - which can be seen in the National Gallery. In 2005, the painting - a tribute to the ship HMS Temeraire in Nelson's victory at the Battle of Trafalgar in 1805 - was voted Britain's greatest painting in a poll organised by the BBC.
The quote on the banknote - "Light is therefore colour" - comes from an 1818 lecture by Turner at the Royal Academy, where he first exhibited at the age of 15. His signature is from his will in which he bequeathed his work to the nation.
The unveiling was held at the Turner Contemporary in Margate, Kent. It was in the town that the London-born Turner, the son of a barber and wig maker, loved and more than 100 of his works were inspired by the East Kent coast.
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