The final batch of £1 coins featuring the late Queen Elizabeth II is set to enter circulation, with over 23 million of these coins being distributed to various outlets. The Royal Mint has announced that these coins, dated 2021 and 2022, signify a significant change in British coinage history. In addition, approximately 7.5 million new coins featuring King Charles III will also be introduced into circulation.
King Charles III’s image has appeared on UK coins since 2023, but it has only been on the £1 and 50p denominations thus far. Rebecca Morgan, the director of commemorative coin at the Royal Mint, described the simultaneous release of the final Queen Elizabeth II coins and the new King Charles III coins as a physical representation of the monarchy’s transition. Morgan has also suggested that finding the new coins may encourage collectors and hobbyists to engage in this activity.
The Royal Mint noted that although these coins were struck up to four years ago, their release is prompted by the growing demand for £1 coins. Among the new batch, the 2022 coins are expected to be the rarest in circulation, with 7.735 million of them being issued. Currently, approximately 24.7 billion coins are in circulation within the UK, with the new King Charles III coins representing only 0.004% of that total.
The new coins feature a bee design on the reverse side, symbolizing the King’s appreciation for nature. These coins are part of a broader initiative to introduce eight new designs across various denominations, highlighting British flora and fauna, including species like the red squirrel and puffin. The transition in design follows the passing of Queen Elizabeth II in September 2022 and King Charles’s subsequent accession to the throne. All coins featuring the late Queen remain legal tender alongside those featuring the current monarch, and both types will circulate together for the foreseeable future. The Royal Mint has been responsible for producing the circulating coinage for each British monarch since Alfred the Great.
Source: https://www.bbc.com/news/articles/cvgn3nv6g69o?at_medium=RSS&at_campaign=rss