Eight new King Charles III coins were unveiled by The Royal Mint last week, the biggest change to British coinage in decades.
They will soon be appearing in change across Britain.
The new design of the national coins will replace the current shield formation introduced in 2008.
The 1p coin through to the £2 coin now feature brand new designs to herald the King’s reign.
The Royal Mint has unveiled eight new coins from 1p to £2, which will enter circulation by the end of 2023
These coins will enter circulation in late 2023, but they can also be purchased as part of a collector’s set, starting from £33 for the brilliant uncirculated set and rising to £7,725 for the gold proof set.
The coins in the collector’s set unusually feature a small crown mark on the obverse or a ‘head’ design next to His Majesty’s image, distinguishing them from the coins people get in their change.
Could the new coins be worth anything in the future?
These are not the first coins featuring King Charles III to enter circulation, as we already have the Memoriam 50p coins, which first entered circulation in 2022, and the Coronation 50p coins, which entered circulation earlier this year.
However, this is the very first time that both the heads and tails of our coins have changed at the same time.
Whether these coins will increase in value over time depends on how many enter circulation, says Phil Mussell, director of Token Publishing.
He says: ‘The Royal Mint does not dictate how many coins will be put into circulation, that is determined by the Treasury and the banks.
‘The value of the coins will be determined by supply and demand. If there are 500 collectors and only 400 coins in circulation, they will be more sought after.
‘One thing is certain: the Royal Mint will not replace the coin in one big go, that will be a very gradual process.’
A spokesperson for The Royal Mint said: ‘It is too early to confirm quantities and specific denominations at this time.’
Coins enter circulation in accordance with demand from British post offices and banks.
The Royal Mint responds by issuing coins on behalf of HM Treasury, which ultimately decides how many new coins are released into circulation.
Website Change Checker estimates that 4.9 million King Charles III Memoriam 50 cent coins have entered circulation by the end of 2022, while 5 million King Charles Coronation 50 cent coins have entered circulation this year.
Is it worth buying a collector’s set?
Experts say the state mark is on coins in the collector’s set could be add extra value to the new coins.
Mussell explains: “Coins that have visual differences command a small premium, but while a state mark attracts collectors, it does not necessarily mean the coins will increase in value.
‘However, not many have had a state mark before. I don’t recall The Royal Mint doing this with definitive coins before, but they have done this with sovereign coins.
“But we don’t know if this will be a thing in the future. If so, and the Royal Mint produces state marks every year, these coins will not be more valuable.
‘If fewer than, for example, 1,000 coins have the state mark, then they will indeed fetch a premium, but if there are 50,000 sets, then not.’
Coins to look out for in the set include the £1 coin, which is possibly the most desirable in the set as the design of a £1 coin has not changed since 2017.
Rachel Barnes of coin website Change Checker says: ‘One of the most exciting new coins to be released is the £1. In 2017 the new 12-sided £1 replaced the old round pounds.
‘This coin featured the Nations of the Crown design, which remained unchanged until 2023, where we now see the new two-bee design.
‘I’m sure collectors will be delighted with this coin, as many have asked us over the years when we will see a new £1 design.’
The £1 with two bees may be the most sought after in the new set as there hasn’t been a new £1 coin design since 2017
The eight coins each feature different nature designs from across Britain, representing King Charles III’s passion for nature conservation
The brilliant uncirculated sets are available in unlimited quantities and retail for £33.
There are 12,023 basic sample sets available to purchase for £99.50.
Three thousand silver proof sets went on sale, priced at £370, and 125 gold proof sets went on sale for £7,725.00. However, both sets are already sold out.
Barnes says, “What makes these brand new coins extra special is the inclusion of a collector’s mark on the obverse.
‘A small crown distinguishes these coins from those in your change and appears exclusively on these dated 2023 coins.
‘This special feature certainly adds to the collectibility of the set. In fact, all bullion versions are now for sale at The Royal Mint, which just goes to show how high the demand is.”
Only 2023 commemorative coins will carry the state mark and Barnes says: ‘The Royal Mint has not yet set a date for when these coins will come out of sale, but you wouldn’t normally expect them to continue minting 2023 coins .as we enter the new year.
“We don’t know how many coins were minted in this specification, or how long the set supply would last from 2023 to the new year if they decide to stop minting at that time.”
Mussell says the new sets won’t necessarily be worth more because this is the very first time the new coins have been released in a set.
He says: ‘Put it this way, I have a 1982 set (first year at 20p) and a set from 1983 (first year at £1) and are they worth more because that was the ‘first’? not at all…’
The collector’s sets can be purchased on the Royal Mint’s website.
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