Earlier this week, the Royal Mint announced that over 30 million new £1 coins are to enter circulation across the UK, featuring King Charles III.
This new circulation of coins is a poignant and historic one, as it will see the change over from the late Queen Elizabeth II to her son on the £1 denomination.
Over 23 million of the new coins will feature Elizabeth’s likeness – these are the final coins to be minted with her image. A further 7 million will show the portrait of Charles, 170,000 of which will bear the 2025 date.
This is not the first time that King Charles image has appeared on British coins since he acceded to the throne in 2022: his likeness is currently in circulation on 50p coins, while nearly 3 million £1 coins entered circulation last year.
In total, there are 24.7 billion coins being used across the UK, with Charles III coins representing around 0.004% of the total. This makes the coins very desirable to those who collect them.
The Royal Mint currently have a Definitive Collection available to purchase, which includes collectable versions of all the King’s new coinage, many of which have not yet entered circulation. The collection was inspired by the flora a fauna of the UK.
The last of Queen Elizabeth Il’s coins will bear the 2022 date, the year in which she died, and the Royal Mint say they will be the rarest coins in circulation.
Talking about the release, Rebecca Morgan, Director of Commemorative Coins at the Royal Mint said: ‘This release represents a pivotal moment in British coinage history.
‘As we release more of the King Charles III £1 coins into circulation alongside the final coins of Queen Elizabeth II, we’re witnessing the physical representation of our monarchy’s transition.’
In relation to the collectibility of the coins, she said: ‘This dual release creates an exceptional opportunity for both seasoned numismatists and those new to coin collecting. Coin collecting offers a fascinating window into our nation’s history and culture. Finding these new coins in your change could spark a rewarding hobby that connects you with the heritage, history and craftsmanship behind British currency.’
All UK coins depicting the late Queen will remain legal tender and in active circulation. It is not unusual for coins featuring the images of different Monarchs to co-circulate, as this allows for a smooth transition which has minimal environmental impact and cost.
The new coins will start to appear across the UK in the coming weeks, and the Charles Ill £1 coins will be available in tills at the Royal Mint Experience based in South Wales.
