Get ready to see King Charles coins roll out by the end of 2023
A year ago, after the death of Queen Elizabeth II, her son, King Charles III, ascended to the throne.
The world buzzed with curiosity. Could he capture hearts like his mother did? What fresh winds might he bring to the monarchy?
And of course, the burning question: When will we see his face jingling in our pockets? Read on for the latest scoop on the royal coin switch…
Assistant Treasurer Andrew Leigh mentioned on ABC radio yesterday that while there wasn't a ‘particular date’ set for the circulation of coins featuring Charles' likeness, they would be released before 2023 ends.
‘I'm keen to make sure we get a lot of those new coins out because I know for the vast majority of Australians, this will be the first time they hold a coin in their hand which has a King rather than a Queen on it,’ he commented.
‘So it could be a big moment.’
On the new coins, Charles will be facing the ‘left’ and not the ‘right’ like the late Queen.
Since the time of the late King Charles II, each new king or queen on a coin looks the opposite way from the one before.
It's a symbolic way of marking the succession and the continuation of the monarchy.
Leigh said setting up the new dies at the Mint follows a ‘stringent’ process, but nothing out of the ordinary.
‘We have actually had half a dozen different effigies of Queen Elizabeth II during the course of her reign, so to change an effigy isn't as big a thing as you might imagine,’ he explained.
However, the dies need proper testing since each has to last for up to 300,000 coin makings.
‘You can be confident that it will take place before the end of the year, and we'll have a big announcement on that,’ he stated.
Meanwhile, coins carrying Elizabeth II's image will continue to be recognised as legal tender.
Queen Elizabeth II’s legacy on Australian currency
Queen Elizabeth II has a special place in Australia's money history.
Since 1966, when Australia began using dollars and cents, her face has been the only royal one on the coins and notes. This change to decimal currency happened on Valentine's Day in 1966.
Before this, Australia used a different system of money, and Elizabeth became queen in 1953, well before this switch.
Key Takeaways
- Coins featuring the effigy of King Charles III will begin circulating in Australia by the end of 2023.
- Assistant Treasurer Andrew Leigh has said that this will be the first time for many Australians to hold a coin featuring a King instead of a Queen.
- Charles will be facing the opposite direction to Elizabeth on the new coins, looking left instead of right.
- Coins with Queen Elizabeth II's effigy will remain legal tender.