As of 2023, the Royal Mint has begun circulating new £1 coins with King Charles III on them. This represents a big change in British currency. Our new, very first batch of coins has been the 7.5 million unit batch. This release comes after the first issuance of 2.975 million King Charles III £1 coins in August. Those same coins are out in circulation today. They’re next to the last batch of £1 coins with the effigy of the late Queen Elizabeth II.
Since his accession to the throne, King Charles III’s likeness has already appeared on UK coins beginning in 2023. At the moment there are coins featuring King Charles III in both £1 and 50p denominations. Despite this new addition, he still accounts for less than 1 percent of all the current dollars in circulation. He only constitutes 0.004% of the 24.7 billion coins in circulation in the UK.
The Royal Mint’s move to issue additional King Charles III coins was a response to greater demand for £1 coins. They’re doing everything they can to ensure that both collectors and the wider public take up these new designs, representing a more modern monarchy.
Just as with the introduction of King Charles III coins, Queen Elizabeth II coins are still legal tender and will be circulating for years to come. The last batch of £1 coins with her likeness are on the way into circulation. More than 23 million of these coins are already en route to tills and wallets! Specifically, 7.735 million of these 2022 coins are on track to join the ranks of the rarest in-circulation coins. This rarity adds immense historical value to them.
So look out for the new coin designs, heralding the UK’s wonderful and diverse natural heritage! In addition to royal portraits, these coins will feature native species, including the red squirrel, puffin and dormouse. This artistic modification follows Queen Elizabeth II’s death in September 2022. It symbolizes more than just a new face on a new monarch’s currency, but a major change to the role of British money.
Rebecca Morgan, Director of Commemorative Coin at the Royal Mint, offered remarks on this momentous change, saying,
“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.”
The Royal Mint is committed to celebrating the legacy of both monarchs through these new coin designs. Whether you’re a collector or just a casual user, we want you to join us in celebrating this huge step forward for British currency.