The first coins featuring the effigy of His Majesty King Charles III have now been manufactured by the Royal Australian Mint and released into circulation.
The first coins bearing the King’s effigy are the $1 circulating coin. The first batch of 3.5 million coins have been delivered to the banks and will now start appearing in cash registers across the country.
The remaining denominations of circulating coins will be released progressively in 2024, based on bank demand.
A variety of collector and investment coins bearing the King’s effigy are expected to be available for sale early next year.
“For most Australians, this will be the first time they have held in their hands a coin with a King. A lot of work has gone into producing these coins. Millions of people will be keen to get their own little piece of history.
“Under a tradition dating back to at least the 17th century, successive monarchs face in different directions on the coins. Queen Elizabeth II faced to the right. King Charles III now faces to the left ” states Assistant Minister for Treasury, Andrew Leigh.
Coins bearing the late queen's effigy would remain legal tender, the Royal Australian Mint confirmed. $5 notes bearing the Queen's portrait will also remain legal tender and will continue to be printed after it was confirmed that Charles III's image would not replace hers.