KING CHARLES III COINAGE
It's a been a turbulent time in the coin world of late; the death of a longstanding monarch, a new King and a decline in the usage of coins in an ever growing cashless-society accelerated by the COVID-19 pandemic. Whilst King Charles III has featured on many commemorative coins in the last 18 months, collectors have found it difficult to hunt down many of the new coins bearing his portrait, direct from circulation. Below is a summary of what we know so far about Britain's new coinage;
SEPTEMBER 2022
Following the death of Queen Elizabeth II in 2022, a memorial coin was released by the Royal Mint which was the first circulating coin to feature a King Charles III portrait marking a new era in UK coin production. Approximately 9.6 million of these coins entered circulation.
JANUARY 2023
The Royal Mint announced it's annual commemorative coin collection which all featured the King Charles portrait by Martin Jennings. However, at this time no definitive coins were included in the annual set.
MAY 2023
Two more King Charles coins were released to commemorate his coronation; a £5 coin and two variations of a 50p coin. The £5 coin and the uncirculated design of the 50p coin both featured King Charles wearing a crown (which male monarchs do not usually do on their standard coinage portraits), and were only made available to collectors to purchase from the Royal Mint. The 'uncrowned' version of 50p did enter circulation with an estimated mintage of five million.
OCTOBER 2023
The Royal Mint finally announces it's new King Charles definitive coin collection. The new designs celebrate British flora and fauna (pictured) having been approved by the King himself. They replaced the 'Royal Shield' definitive coins which were first introduced in 2018 (1p-50p) and the 12-sided Flowers of the Nations £1 coin (introduced in 2017) and the Britannia £2 coin (introduced in 2015).
At the time of the announcement the Royal Mint made reference to the declining used of cash however they stated there was still a need for change with "a large proportion of the country are still heavily reliant on cash." Furthermore, they added that it was a, "tradition to mark the moment of a monarch coming to the throne with a new set of coinage,' and it was important to, "carry this on."
At the time, although an exact circulating date was not confirmed, it was intimated that the coins would enter circulation sooner rather than later and in advance of the new King Charles Bank notes scheduled for release in 2024.
The first of the coins to be circulated was the 50p, featuring the 'Atlantic Salmon,' reverse design. At the time of writing, the Royal Mint has not confirmed mintage figures for this coin, however it is predicted to be considerably low. The coin is already considered scarce amongst collectors, despite being less than a year old.
JANUARY 2024
The Royal Mint releases it's commemorative annual coin collection and definitive annual coin collection for 2024. For the first time, the coins are sold separately rather than as joint one annual set. Unlike the 2023 definitive coins, the 2024 set does not include privy markings.
King Charles features on an array of commemorative uncirculated coins during the year including; Star Wars and Dinosaur 50ps and the James Bond anniversary £5 coin collection.
JUNE 2024
Brand new bank notes are circulated in the UK featuring the portrait of King Charles III.
JULY 2024
After months of speculation, it is reported that the Treasury has not ordered any new coins to be minted in 2024. The initial announcement stated this only for 1p and 2p coins but was later confirmed to be all coinage. This was following a regular review which determined there was already enough coins in circulation with an estimated 27 billion coins in the UK.
This means that no 2024 coins will be circulated, meaning it is only possible to buy the definitive coins in uncirculated condition. This is a blow for coin collectors who will not be able to hunt for the new coins to add to their collection in the traditional way.
Whilst it is not unusual for production of certain denominations to be halted, as has previously occurred with the £2 (all circulating versions since 2017) the 20p, and the 1p and 2p coins in 2018, it is unprecedented for no new coins to be released in any given year.
Although, not yet confirmed, the announcement also suggests that the Atlantic Salmon remains the only circulating definitive coin from 2023, which has in turn increased it's desirability. With the official mintage figures set to be released in the coming weeks, collectors face an anxious wait to determine if there is to be a new 'Kew Gardens' moment in the coin world and what impact this will have on the value of the Salmon 50p.
Despite the Royal Mint's insistence for the need to mint new coins for the sake of tradition, ultimately they do not have the final say and against a backdrop of a declining use of cash in society this news puts traditional coin collecting in jeopardy, if collectors are no longer able to find their coins in circulation. This also means that the non-circulating 2023 and 2024 definitive sets are now likely to increase in popularity and value particularly given they remain in BUNC condition.
We await a further update with baited breath to determine if 2025 will see any of the new King Charles coins enter circulation. In the meantime, please follow us on social media and subscribe to our newsletter for up to date coin news.
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