Here's the first look at the new $1 coin featuring King Charles III
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For over 70 years, Australia's coins have borne the familiar image of our late beloved Queen Elizabeth II.
However, as the Royal Australian Mint unveils the first effigy of the new monarch, King Charles III, a new era for Australian currency begins.
Designed by the Royal Mint in London and approved by Buckingham Palace, the new $1 coin provides Australians with their first official look at the king's official portrait.
In keeping with tradition, King Charles III faces left while his mother faced right. The king also appears without a crown, reflecting the first depiction of Queen Elizabeth II on Australian coins over half a century ago.
The Royal Australian Mint aims to release 10 million King Charles III $1 coins this year. These coins will be made available through banks. After that, in 2024, they'll start producing other coin denominations.
According to Leigh Gordon, the CEO of the Royal Australian Mint, the best way for people to get their hands on one of these King Charles III coins is by using cash. 'If you use cash, and you get change, you increase your chance of getting a coin,' he said.
There's also a noteworthy change coming. Starting June next year, the Royal Australian Mint won't create commemorative coins featuring Queen Elizabeth II's image anymore.
However, even though new coins won't depict the late queen after June, her image will remain in circulation for quite some time.
There are already a massive 15.5 billion coins featuring Queen Elizabeth II, the longest-reigning monarch, which have been minted since the introduction of decimal currency.
Since coins typically have a lifespan of about 30 years, the familiar image of Queen Elizabeth II will continue to appear on coins for quite a while.
The Assistant Minister for Treasury, Andrew Leigh, officially confirmed that despite the decreasing popularity of cash transactions, there are no intentions to eliminate physical currency or discontinue the five-cent coins.
He also assured the public that coins featuring Queen Elizabeth's likeness will continue circulating and be recognised as valid legal tender.
Earlier this year, the Reserve Bank of Australia (RBA) announced they would be replacing Queen Elizabeth's image on the $5 note with a design that pays tribute to the culture and history of the First Australians—a decision that marks the end of a century-long tradition of featuring the monarchy on Australian banknotes.
'The other side of the $5 banknote will continue to feature the Australian Parliament,' they stated, explaining that this change was made in consultation with the government.
Treasurer Jim Chalmers expressed his views and said, 'I think this is a good opportunity to strike a good balance between the monarch on the coins and the First Nations design on the fiver.'
'The $5 note will say more about our history and our heritage, our country, and I see that as a good thing,' he added.
Members, do you have any memories associated with coins featuring Queen Elizabeth II's image? Are you looking forward to seeing King Charles III on the new coins? Share your thoughts in the comments section below!
However, as the Royal Australian Mint unveils the first effigy of the new monarch, King Charles III, a new era for Australian currency begins.
Designed by the Royal Mint in London and approved by Buckingham Palace, the new $1 coin provides Australians with their first official look at the king's official portrait.
In keeping with tradition, King Charles III faces left while his mother faced right. The king also appears without a crown, reflecting the first depiction of Queen Elizabeth II on Australian coins over half a century ago.
The first coin to have the King's effigy will be the $1 coin. Credit: RBA.
The Royal Australian Mint aims to release 10 million King Charles III $1 coins this year. These coins will be made available through banks. After that, in 2024, they'll start producing other coin denominations.
According to Leigh Gordon, the CEO of the Royal Australian Mint, the best way for people to get their hands on one of these King Charles III coins is by using cash. 'If you use cash, and you get change, you increase your chance of getting a coin,' he said.
There's also a noteworthy change coming. Starting June next year, the Royal Australian Mint won't create commemorative coins featuring Queen Elizabeth II's image anymore.
However, even though new coins won't depict the late queen after June, her image will remain in circulation for quite some time.
There are already a massive 15.5 billion coins featuring Queen Elizabeth II, the longest-reigning monarch, which have been minted since the introduction of decimal currency.
Since coins typically have a lifespan of about 30 years, the familiar image of Queen Elizabeth II will continue to appear on coins for quite a while.
The Assistant Minister for Treasury, Andrew Leigh, officially confirmed that despite the decreasing popularity of cash transactions, there are no intentions to eliminate physical currency or discontinue the five-cent coins.
He also assured the public that coins featuring Queen Elizabeth's likeness will continue circulating and be recognised as valid legal tender.
Earlier this year, the Reserve Bank of Australia (RBA) announced they would be replacing Queen Elizabeth's image on the $5 note with a design that pays tribute to the culture and history of the First Australians—a decision that marks the end of a century-long tradition of featuring the monarchy on Australian banknotes.
'The other side of the $5 banknote will continue to feature the Australian Parliament,' they stated, explaining that this change was made in consultation with the government.
Treasurer Jim Chalmers expressed his views and said, 'I think this is a good opportunity to strike a good balance between the monarch on the coins and the First Nations design on the fiver.'
'The $5 note will say more about our history and our heritage, our country, and I see that as a good thing,' he added.
Members, do you have any memories associated with coins featuring Queen Elizabeth II's image? Are you looking forward to seeing King Charles III on the new coins? Share your thoughts in the comments section below!
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