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The Royal Mint, the official maker of fiat coins in the United Kingdom, has confirmed on its website that coins featuring the portrait of King Charles III will enter circulation soon.
“All U.K. coins bearing the effigy of Her Late Majesty Queen Elizabeth II will also remain legal tender and in active circulation. Historically it has been commonplace for coins featuring the effigies of different monarchs to co-circulate. This ensures a smooth transition, with minimal environmental impact and cost,” the Royal Mint said.
The official coin-maker said it would unveil further details about the coinage of King Charles III over the coming weeks.
Coins in Circulation: There are approximately 27 billion coins currently circulating in the U.K. bearing the effigy of Queen Elizabeth II. These will be replaced over time as they become damaged or worn, and to meet the demand for additional coins, the Royal Mint said.
What About Banknotes? Charles will appear on four bank notes — the 5, 10, 20 and 50-pound notes — expected to enter circulation by mid-2024, the Bank of England said in a statement, adding that it would reveal images of banknotes featuring the king by the end of this year.
Anne Jessopp, Royal Mint CEO, said: “As official coin maker to the UK, we have told the story of each monarch since Alfred the Great and are now preparing for the biggest change in British coinage for several decades.”
Jessopp said the first coins bearing the effigy of Charles would enter circulation in line with demand from banks and post offices.
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Image and article originally from www.benzinga.com. Read the original article here.