NEW KING CHARLES £1 COIN TO BE CIRCULATED.

The first £1 coins to feature the King Charles III portrait will enter circulation this week. The Royal Mint have confirmed that an estimated 3 million will be issued to post offices and banks in response to demand.

This is contrary to the statement issued last month that the demand for coinage in circulation was low and therefore the Treasury had not ordered any new coins to be minted. It suggests that these coins had already been ordered and minted prior to the last announcement with the Royal Mint indicating that other coinage will be minted in line with demand and this includes 2p and 20p coins.

Of course, for now, Queen Elizabeth II coinage continues to dominate our change and will do so for sometime; with an estimated 29 billion coins featuring the previous monarch still in circulation, as the King Charles coins are slowly introduced.

The new £1 coins feature a design chosen by the King himself; two bees (pictured), as part of the definitive collection first announced in 2023 to commemorate British flora and fauna. A poll conducted last year confirmed that this was the public's favourite design from the set. It will also mark the first change to the design of the £1 coin since the introduction of the 12-sided coin which replaced the old 'round pound,' in 2017.

This is the first coin to enter general circulation in 2024 but it is not clear from the announcement whether the coins will be dated 2024 or 2023. Following the popularity of the King Charles Salmon 50p coin which was circulated in late 2023, collectors will no doubt be keen to get their hands on the new £1 coin to add to their collections.

The mintage figures for 2023 coins are still eagerly awaited from the Royal Mint and are due to be published imminently.

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