CNN Business  — 

Coins and banknotes featuring King Charles III and Queen Elizabeth II will co-circulate, according to the Royal Mint, the official maker of UK coins.

“The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices. This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come,” Anne Jessopp, the Royal Mint Chief Executive Officer, said Tuesday in a press release.

The UK maker said that there are approximately 27 billion coins currently circulating in the country “bearing the effigy of Queen Elizabeth II. These will be replaced over time as they become damaged or worn, and to meet demand for additional coins.”

The Royal Mint will unveil further details about the coinage of King Charles III over the coming weeks, it added.

For almost 70 years, Queen Elizabeth II image has appeared on the United Kingdom’s coins, with different portraits of her profile as she aged. She was featured on the nation’s banknotes for more than 60 years, the first British monarch to do so. Her portrait also features on the currency of several countries that were formerly under British rule.

Since 1953, one year after the Queen took the throne, UK coins have borne five different versions of her portrait. She appeared on the country’s banknotes starting in 1960.

- CNN’s Anna Cooban contributed to this report