A special 50 pence coin marking the Coronation of King Charles is going into circulation this week. The Royal Mint is issuing five million of the coins, with a design based on Westminster Abbey, where the Coronation was held in May. It will allow the public to “find a piece of history in their change”, said the Royal Mint’s Rebecca Morgan. But the new King’s coins will be outnumbered by 27 billion from the late Queen’s reign, still in circulation. So far the 50 pence piece has been the most visible sign of change in the coinage.
This new Coronation coin follows an earlier 50 pence, released in December, which was the first mass-circulation coin to show the King’s head. There has been no timetable announced yet for other new coins to be issued, although the first King Charles banknotes are expected to appear next year. The intention with coins, banknotes, and stamps has been to use up existing stocks from Queen Elizabeth II’s era, with new items from the King’s reign gradually being introduced.
The Royal Mint expects the Coronation coin – with the portrait and insignia of King Charles – to be popular among “members of the public keen to own a piece of British history”. The profile of King Charles follows the tradition of looking in the opposite direction to the coins of his predecessor. With a strong trend towards cashless payments, it might be a while before some people notice the new coins. According to the banking industry body UK Finance, between 2011 and 2021 the use of cash fell from 55% of payments to 15%, with a further fall to 6% forecast for 2031. But the banking body says there are still more than a million consumers who use cash as their main means of payment.
