King Charles Bank Notes Won’t Circulate Until Mid-2024

And the transition to the King Charles coins will be gradual. Coins bearing the effigy of Queen Elizabeth will stay in circulation as coins with King Charles on them are introduced. There are nearly 30 billion coins with Queen Elizabeth’s face on them, which, like the bank notes, will be replaced only once they are damaged or to meet a demand for more coins, according to a statement also on Tuesday from the Royal Mint.

“This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the U.K. for many years to come,” said Anne Jessopp, the chief executive of the Royal Mint.

While details have not been released about the image of King Charles that will appear on the coins, it must be approved by the Privy Council, a group of high-level advisers to the monarch.

On the coins that feature Queen Elizabeth, she faces to the right. Since the reign of Charles II in the 17th century, monarchs have faced in the opposite direction of their predecessors, with the exception of Edward VIII. The Royal Mint has not confirmed which way King Charles will face.

Article source: https://www.nytimes.com/2022/09/26/business/king-charles-currency.html