Will occur on May 2. In 1604, King James I authorized an entirely new translation from the original languages. The work started in 1607 and the first draft was available in 1609. The work was completed for publication in 1611.
The work made use of Erasmus' compilation of a Greek New Testament. Erasmus' sources were not the greatest. Some of the manuscripts he included were as late as the 11th century. Nevertheless, he did the best he could at the time, and his work was critical for the development of a Bible based on the original languages.
As time goes on, I am more and more impressed with the King James Bible. This is not because of its supposedly exalted, Elizabethan language. In fact, there is less Elizabethan floridity in the KJV than people think. The KJV adds very little, if anything, to the Greek. Of all the major translations, the KJV is the one most likely to follow the Greek exactly.
The big complaint about the KJV is that it's hard to read, which it is. This is not because of its antiquated language or the quality of its translation. It is, rather, because the Bible itself is difficult to read. There's a reason Jesus said things like "those who have ears to hear, let them hear"--it's because what he was saying was hard to hear.