Yahoo Finance First Aussie coins with King Charles III unveiled
The $1 coin will be the first to feature the image of King Charles.
Aussies will start seeing coins with King Charles III’s image before Christmas and we now know exactly how they’ll look.
The Royal Australian Mint has today released the new effigy of the King that will appear on the coins, which was designed by the Royal Mint in London and approved by Buckingham Palace.
The first coin to bear the image of the King will be the $1 coin. The coins will start appearing in banks and cash registers across the country before Christmas. The other denominations will be progressively released in 2024, based on bank demand.
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The coin will feature some slight differences to the ones we are used to featuring the late Queen Elizabeth II.
As is tradition, King Charles will appear on the coins facing left, opposite to his mother who faced right.
Assistant treasury minister Andrew Leigh said it would be the first time many Aussies would see a different face on their coins.
“For seven decades, Australians have seen a queen on their coins. Every decimal currency coin has featured Queen Elizabeth II,” Leigh said.
“Now, for the first time since 1953, the King’s effigy will appear on an Australian coin. For most Australians, this will be the first time they have held in their hands a coin with a king.”
All coins bearing the image of Queen Elizabeth will remain legal tender.
$5 note to change
King Charles may be replacing his mother on Aussie coins, but the same can’t be said for the $5 banknote.
Earlier this year, the Reserve Bank of Australia confirmed the banknote would instead “feature a new design that honours the culture and history of the First Australians”.
The central bank said it would consult with First Australians in designing the new $5 banknote and it would take “a number of years” to be designed and printed.
In the meantime, the current $5 banknote will continue to be issued and will remain legal tender, even after the new banknote is issued.
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