The new £1 is part of the King’s Definitive collection, which will be inspired by the flora and fauna of the British Isles.

The coin featuring the late Queen, who died at the age of 96 in 2022, will include the rarest £1 in active circulation.

Speaking of the new announcement, Rebecca Morgan, Director of Commemorative Coin at The Royal Mint, said: "This release represents a pivotal moment in British coinage history.

"As we release more of the King Charles III £1 coins into circulation alongside the final coins of Queen Elizabeth II, we're witnessing the physical representation of our monarchy's transition."

She added: "This dual release creates an exceptional opportunity for both seasoned numismatists and those new to coin collecting. Coin collecting offers a fascinating window into our nation's history and culture.

"Finding these new coins in your change could spark a rewarding hobby that connects you with the heritage, history and craftsmanship behind British currency".

Currently, there are approximately 24.7 billion coins in circulation across the UK, with King Charles III coins representing around 0.004 percent of the total. All UK coins bearing the effigy of the late Queen Elizabeth II will remain legal tender and in active circulation.