
Some people have been asking whether coins and banknotes with the image of Queen Elizabeth will continue to be legal tender. The answer, of course, is yes.
When I was growing up I used to look out for coins from as many different reigns as possible and I kept them safe, so I have just spent a nostalgic hour looking through them again. At the time of the Coronation coins were still in circulation from many years before, and even Victorian pennies would turn up in change from time to time. We looked out for the very rare Edward VIII coins, which I never found.
Not surprisingly I still have plenty of George VI coins, plus ones from the time of George V and Edward VII, and I’m pleased to say, Victoria. They all turned up in my change in the 1950s and 1960s. The oldest one has a portrait of the young Victoria, dated 1891 – you can see it on the right of my photo of pennies and halfpennies.
It seems some Victorian coins are still legal tender, though they are not ones you are likely to have in your purse – gold sovereigns and half sovereigns and silver crowns, originally worth £1, 50p and 25p in today’s money.
Coins are very robust and can survive for 50 years or more. Although new Elizabethan coins, with the pretty portrait of the young Queen, entered circulation they only slowly displaced the ones from earlier reigns. But that was given a jolt with decimalisation in 1971, when coins were minted with the new values of 10p, 5p, 2p, 1p and 1/2p, eventually joined by 50p and £1. Coins with the same values as previous ones (5p = 1 shilling, 10p = 2 shillings) hung around for a while, but the old threepennies, pennies, halfpennies soon disappeared. The pretty little farthing (1/4p) coin, with a picture a wren, the UK’s smallest bird, on the obverse had been withdrawn earlier.
One thing we do know about the new coins which will be minted for Charles III is that he will be facing to the left. Monarchs face alternatively left and right as you can see in the photo, with a gap where Edward VIII should be.
We will be using a mixture of coins from two reigns for many years to come, or at least for as long as coins are in circulation. Most of us are now quite used to presenting credit and debit cards for quite small payments, so there is a question mark about how long we will be seeing them. You might be wise to hang on to a mint collection of Charles III coins when they do appear as they could be quite valuable to collectors in the future.