Major change to money in Australia today: What you need to know
Australians will soon see coins bearing the head of King Charles III, with the Australian Mint releasing its first batch into circulation.
Millions more coins will be released over the next few months, making them increasingly commonplace for those still using coins.
King Charles III is only the second monarch to be featured on Australian currency, and his mother Queen Elizabeth II was the reigning head of the Commonwealth when the country switched to decimal currency in 1966.
New $1 coins featuring King Charles III arrive in Australian banks
The first batch of 3.5 million $1 coins featuring King Charles III has been delivered to banks, with more denominations to come depending on banking demand.
For coin collectors, special versions designed to be treasured rather than spent will go on sale early next year.
Assistant Treasury Secretary Andrew Lee said the coin launch was a significant event for Australia.
“For most Australians, this will be the first time they have held a coin with the image of the King in their hands.
“A lot of work has gone into producing these coins. Millions of people will be eager to get their little piece of history.
“In a tradition dating back to at least the 17th century, successive monarchs faced different directions on coins. Queen Elizabeth II turned to the right. King Charles III is now facing left.”
Any coins or banknotes bearing the image of Queen Elizabeth II will remain legal tender.
Unlike the Queen, King Charles chose not to be depicted wearing a crown on his effigy.
The Royal Australian Mint has also released a 50 cent coin commemorating the reign of Queen Elizabeth, which features six versions of her image.
The Royal Australian Mint also released a 50 cent coin celebrating the reign of Queen Elizabeth, featuring six versions of her portrait.
Some people have already turned to banks to purchase new King Charles III coins, with uncirculated rolls of coins appearing online selling for up to five times their value.
The Royal Australian Mint has confirmed that 10 million new coins will be minted so they will be “readily available”.
The dies used to make Queen coins will be phased out from next year.