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King Charles III's Image to Feature on Australian Coins in 2023

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King Charles III's Image to Appear on Australian Coins

Australian coins will soon feature an image of King Charles III, more than a year after the passing of his mother, Queen Elizabeth II, according to officials. The Royal Australian Mint's CEO, Leigh Gordon, announced that the gold Australian dollar coin will be the first to display the new British monarch's image. Approximately 10 million of these coins will be in circulation by Christmas. The decision to transition to coins featuring King Charles III was made deliberately, with the government not wanting to rush the process following Queen Elizabeth II's death in September of the previous year. Assistant Minister for Treasury Andrew Leigh stated that there is a keenness to release as many new coins with King Charles III's face as quickly as possible. The remaining denominations, including the 5, 10, 20, and 50 cent coins, as well as the $2 coin, will be introduced gradually throughout 2024 based on demand from banks. The design of the new coins will feature the king's left profile without a crown, in line with tradition. The official Commonwealth Effigy, designed by The Royal Mint in London and approved by the king, will be used by all British Commonwealth countries. It is worth noting that the 15.5 billion Australian coins minted since the introduction of decimal currency in 1966, featuring Queen Elizabeth II, will remain legal tender. The decision to replace the queen's image on the $5 note with an Indigenous design earlier this year sparked criticism, as it was seen by some as a move by the center-left Labor Party government to replace the British monarch as Australia's head of state. However, Andrew Leigh clarified that there are no plans to remove the monarch from Australian coins.

Implications of King Charles III's Image on Australian Coins for New Businesses

The decision to feature King Charles III's image on Australian coins could have a range of implications for new businesses, particularly those in the numismatic and collectibles sectors. With the Royal Australian Mint's CEO, Leigh Gordon, announcing that the gold Australian dollar coin will be the first to display the new British monarch's image, there may be a surge in demand for these coins, both domestically and internationally.

Collectibles Market

For businesses specializing in coins and collectibles, this could present a unique opportunity. The introduction of a new monarch's image on currency often sparks interest among collectors. This could lead to increased sales and potentially higher prices for these inaugural coins.

Commemorative Merchandise

Additionally, businesses producing commemorative merchandise could also see a boost. The transition to a new monarch's image on coins is a significant historical event that many may wish to commemorate.
Public Sentiment
However, businesses should also be mindful of public sentiment. The decision to replace Queen Elizabeth II's image on the $5 note with an Indigenous design earlier this year drew criticism. Understanding and navigating such sensitivities will be crucial for businesses in this space. In conclusion, the introduction of King Charles III's image on Australian coins presents both opportunities and challenges for new businesses. It's a development that requires careful navigation but could also offer unique opportunities for growth.
Story First Published at: https://financialpost.com/pmn/business-pmn/king-charles-iiis-image-to-appear-on-australian-coins-this-year
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