When a monarch changes, coins change with them—and collectors get a rare gift: a clean “before and after” line you can actually hold in your hand.


The shift from Queen Elizabeth II to King Charles III is one of the most significant portrait transitions in modern numismatics, not because it guarantees instant premiums, but because it reshuffles the collecting landscape in a predictable way. New types enter the market. Older types get a fresh spotlight. And suddenly, the question isn’t


“ What’s rare? ”      so much as       “ What becomes important? ”

This guide is the collector’s version of a road map: what changed, where it’s showing up first, what “first portrait” really means, and how to approach early Charles III issues with a long-term mindset.


Why Portrait Changes Matter

Royal portraits do more than identify a ruler. They mark eras—and in numismatics, eras create collecting categories.


Collectors pay attention because:

  • First portraits become reference points. The first official effigy is the anchor for everything that follows.
  • Final issues carry gravity. The last circulating portrait of a long reign becomes a natural “end cap.”
  • Transitional years create clear type sets. One year can contain multiple “firsts,” and those tend to stay collectible long after the news cycle moves on.


Elizabeth II appeared on coinage for decades. A change after that kind of continuity was bound to draw focus.


What Makes Charles III Coinage Visually Different

There are a few design conventions collectors watch for immediately.

  1. The direction change- By long tradition, the portrait direction alternates from one monarch to the next. Charles III’s effigy faces left, following that convention.
  2. The “no crown” look- Charles III’s coin effigy is uncrowned—typical for British kings on circulating coinage—giving it a more classical, sculptural feel than many people expect.
  3. A new official effigy and artists- In the UK, The Royal Mint unveiled Charles III’s official coin effigy designed by sculptor Martin Jennings, and noted it would first appear on a £5 coin and a memorial 50p honoring Queen Elizabeth II.


Different Commonwealth mints use their own approved effigies (Canada’s, for example, is by Canadian artist Steven Rosati).

That matters because collectors often end up building parallel sets—same monarch, different national portrait style.


The Rollout Reality: Where You’ll Actually See Charles III First

Here’s where this article becomes truly useful: the rollout isn’t uniform. It’s staggered by country and denomination.

United Kingdom: bullion moved fast, circulation took a path


If you’re looking for the cleanest “first” in modern bullion:

  • 2023 Britannia bullion is marketed by The Royal Mint as the first Britannia bullion issue to feature Charles III’s coinage portrait (and it carries the modern Britannia security features collectors already love).


For UK circulation, The Royal Mint has noted that since the introduction of Charles III’s portrait on UK coinage, the 50p and £1 were the denominations that had entered general circulation bearing his effigy (with other denominations appearing later, like the 5p).


Also worth knowing: the Royal Mint’s 2023 Definitives sets introduced the first definitive coins of Charles III’s reign, with new reverse designs across denominations.


Canada: the “first circulation coin” is clear

Canada’s first circulating Charles III coin is a major, clean milestone:

  • The Royal Canadian Mint announced that the 2023-dated $1 circulation coin (the “loonie”) became the first Canadian circulation coin to show the new monarch in 70 years, featuring the effigy by Steven Rosati.


If you’re a set builder, Canada also issued uncirculated sets featuring the first Canadian effigy across denominations.


Australia: circulation began with the $1, then expanded

Australia began circulating $1 coins with Charles III’s effigy in late 2023, with other denominations following. 
By mid-2024, Australia unveiled full sets showing the effigy across all six circulating coins.


New Zealand: slower timetable, very clear planning

New Zealand’s Reserve Bank has indicated the first circulating coin bearing Charles III’s effigy is planned as a 10 cent coin, with production samples shown and circulation expected later (around 2027).


That means New Zealand is a different kind of collecting play: more “watch list” than “grab it in change tomorrow.”


“First Portrait” Coins Explained Without the Hype

Collectors throw around “first portrait” constantly, and it often gets abused.


In a practical collector sense, “first portrait” usually means one of these:

  • First bullion issue with the new effigy (ex: early Britannia bullion with Charles III)
  • First circulation coin for that country (ex: Canada’s 2023 $1)
  • First definitive set for that monarch (ex: UK 2023 Definitives)
  • First commemorative issue where the new effigy appears (UK memorial coinage is a major example)


What it doesn’t automatically mean:

  • Guaranteed price growth
  • “Limited” in any meaningful sense
  • Worth paying triple premium on release week



Think of first portraits as foundational pieces—coins collectors will still reference years later.


A Collector’s Playbook: What to Keep, What to Watch, What to Ignore

Here’s the approach that tends to serve mature, long-term collectors best.


Keep (core, historically meaningful)
  • One clean example of the first major bullion issue you actually like (many choose the Charles III Britannia bullion as a cornerstone).
  • The first circulation milestone for at least one Commonwealth country (Canada 2023 $1 is the cleanest “first” story).
  • A simple “transition pair”: last Elizabeth II era coin + early Charles III era coin in the same series (Britannia is the easiest place to do this).


Watch (good targets, but don’t chase)
  • Definitive sets and circulating releases as they broaden across denominations (UK’s rollout by denomination is still evolving).
  • Early-year issues from smaller Commonwealth markets—especially if distribution is limited.


Ignore (where collectors get burned)

  • “Limited edition” claims without real mintage transparency
  • Overpriced labels and packaging that add cost without adding collector demand
  • Anything that feels like it was designed primarily for urgency instead of longevity


A long-term mindset favors clarity over adrenaline.


Where Charles III Coins Fit in a Serious Collection

Most experienced collectors treat early Charles III issues as:

  • Historical markers
  • Reference pieces
  • Complements to Elizabeth II collections—not replacements


They help you tell a story: the end of one era, the beginning of another, and the way different nations interpret the same monarch through their own minting traditions.


If you’re building a world-coin collection with purpose, this is exactly the kind of transition that becomes more interesting with time—not less.