King Charles III Coins

Following the sad passing of Her Majesty The Queen Elizabeth II on September 8th 2022 we have seen a number of enquiries regarding the changing of coins, and when we might see the first King Charles III coins.

The historic reign of Elizabeth II has ensured a lasting legacy on British coinage, and for many of us, the Queen is the only person to feature on the coins and notes we carry with us every day, or the bullion coins we have invested in. There have been five official portraits of Her Majesty used on UK coins over the years, with the most recent one introduced in 2015.

To help avoid confusion we have answered some of the common questions we’ve received below. We will update this information as and when we have more clarification, and customers will be kept updated about any new coin releases via our newsletter and social media pages.

Update 30/09/22 - The Royal Mint have now unveiled the official portrait which will be used for King Charles III.

BullionByPost are proud to offer customers the chance to own some of the very first official UK coins to feature the new King Charles III portrait. The exquisite Elizabeth II Memorial coin range from The Royal Mint will be the only coins to be released in 2022 to feature the new portrait. View the full range of coins.

The new portrait of King Charles III as seen on The Royal Mint Facebook page.

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When will The Royal Mint release King Charles III coins?

In previous instances where a monarch has passed away new coins are not usually issued immediately, and it can take several months for new coins to appear. In the case of Her Majesty for example, following the death of her father King George VI in 1952, and her accession to the throne, the first coins featuring her portrait were not released until 1953.

It can take several months for a new official portrait to be designed and approved, and the coin stamps to be retooled for the new obverse. Given this was last done in 1952, it is unclear at this time whether the modern mint can reduce this timeframe.

Given the decline in the use of cash in modern Britain, it is possible that already existing coinage supplies will be sufficient, and The Royal Mint may cease production of circulating currency with Elizabeth II in anticipation of the first King Charles III coins. Coins with both monarchs will likely remain in circulation alongside each other for several years, while the mint slowly phases out Elizabeth II coins that become damaged over time.

Given previous timelines and production schedules it seems unlikely that The Royal Mint would release the first King Charles III coins until 2023 at the earliest.

Update 30/09/22 - The Royal Mint have confirmed that the initial memorial coins for Queen Elizabeth II will feature the new obverse of King Charles III. These coins were released for pre-order on October 3rd, with delivery expected late December/early January.

A 50p coin will also enter circulation featuring this portrait. The Royal Mint have confirmed these memorial coins will be the only coins featuring Charles III to be released for the remainder of 2022. We therefore anticipate that the 2023 Britannia coins will initially release with the Queen's portrait until the new year at least, and Charles III coin releases will be more focused around the new year and onwards.

Update 06/10 - The Royal Mint have confirmed that the 2023 Britannia coins will feature Elizabeth II for the remainder of 2022, and will then switch to Charles III in the new year. This would also suggest that the 2023 Sovereign, typically released in January will also feature the new King Charles III portrait.

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Has Charles appeared on British coins before?

Charles has appeared on British coins in the past during his time as heir to the throne and Prince of Wales. These have typically been on commemorative releases celebrating key milestone birthdays, as seen in the 50th birthday and 60th birthday coins below.

While giving a general idea of how these coins may look, it is important to remember there will be a different portrait chosen. This is typically done via an anonymous competition chosen by the Mint, and approved by the monarch and Chancellor of the Exchequer. This could include talented Mint employees like Jody Clark, or other independent artists.

Another key difference between the portrait on any King Charles III coins will be the direction the King faces. As his mother’s portrait always faced right, tradition would dictate that King Charles III will face left for his portrait. Although traditional, this can be overturned of course. This was controversially the case with Edward VIII prior to his abdication, who chose to face the same way as his father in order to show his ‘good side’ on the coins. It seems unlikely however that Charles would seek to break the tradition and will therefore almost certainly face left.

Technically speaking, coins usually feature the Latin name of the monarch, which would in this case be Carolus III, but so far all communication would suggest that Charles III will be used.

Update 30/09/22 - The official portrait does have the King facing left as expected, and uses Charles III rather than Carolus III.

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What will happen to current series in production?

Any coins currently in production will almost certainly continue to be minted with the Queen’s portrait. New releases such as the Yale of Beaufort will not see a change in design, or be recalled. Later releases in series such as the Tudor Beasts or Myths & Legends could see the obverse change to His Majesty for later releases.

Given the expected release date of the 2023 Britannia coins in the coming weeks, these would also presumably be in production at this time. The Royal Mint could choose to release a second issue Britannia in 2023 featuring King Charles III, or they may prefer to wait until the release of the 2024 Britannia coins next year.

The 2023 Sovereign could present the first viable opportunity for The Royal Mint to produce their first King Charles III coin, but would still only leave them with a few months to design and produce the coins.

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Will Queen Elizabeth II coins increase in price?

Given the 70 years of coinage for Her Majesty there are billions of coins at this time featuring her effigy including circulating coinage and bullion coins. In much the same way a standard Queen Victoria Sovereign is worth bullion value today, we would not expect to see any significant increase in collectability for Queen Elizabeth II coins.

Investors will likely see many Elizabeth II coins on the secondary market for years to come, and it is unlikely there will be any sudden shortages or scarcity of these coins. The Royal Mint have also confirmed that Elizabeth II coins will remain as legal tender.

Certain coins may of course now take on some additional collectable value; key dates or events such as the 2022 Jubilee Sovereign, commemorative proof issues and so forth. Generally speaking however, investors should expect the same value for a typical bullion coin.

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Will Queen Elizabeth II coins remain legal tender and exempt from CGT?

The Royal Mint have confirmed that coins with Elizabeth II portraits will remain legal tender. There will be no impact to their CGT status; in the same way that a Queen Victoria, George V (or any prior monarch's) coin is CGT-free, so too will Elizabeth II coins be going forward. Investors do not need to worry that their coins will change in value or tax status.

As mentioned at the start of this page we will be waiting on further confirmation, and will update this page accordingly. If you have any further questions however please email our team on support@bullionbypost.co.uk or call 0121 634 8060 and we will be happy to help.