New coins featuring the portrait of His Majesty King Charles III will enter circulation, the Royal Mint, the official maker of UK coins, has confirmed.
All UK coins bearing the effigy of Her Late Majesty Queen Elizabeth II will also remain legal tender and in active circulation.
Historically it has been commonplace for coins featuring the effigies of different monarchs to co-circulate.
Anne Jessopp, chief executive officer, The Royal Mint said: “We are honoured to have struck each UK coin of Her Late Majesty’s reign, documenting her journey from young Queen to respected Head of State.”
“As official coin maker to the UK, we have told the story of each monarch since Alfred the Great and are now preparing for the biggest change in British coinage for several decades.”
“The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices.”
“This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come.”
There are approximately 27 billion coins currently circulating in the UK bearing the effigy of Queen Elizabeth II.
These will be replaced over time as they become damaged or worn, and to meet demand for additional coins.
The Royal Mint will unveil further details about the coinage of King Charles III over the coming weeks.
Notes
The Bank of England will reveal images of updated banknotes featuring a portrait of HM King Charles III by the end of this year.
The notes are expected to enter circulation by mid-2024.
His Majesty’s portrait will appear on existing designs of all four polymer banknotes (£5, £10, £20 and £50).
This will be a continuation of the current polymer series and no additional changes to the banknote designs will be made.
In line with guidance from the Royal Household to minimise the environmental and financial impact of the change of monarch, existing stocks of notes featuring HM Queen Elizabeth II will continue to be issued into circulation.
New notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes.
Current banknotes featuring the portrait of HM Queen Elizabeth II will continue to be legal tender and will only be removed from circulation once they become worn or damaged.
They will co-circulate with those featuring HM King Charles III.
