In a statement, the Danish National Bank said it had begun the process of producing new coins which will display King Frederik on the obverse side.

A special design for the reverse of the coin will also be used to mark the royal succession, which took place on January 14th when Queen Margrethe abdicated.

Customarily, the bank mints coins with the regent’s portrait on the obverse of the 10 and 20-krone coins, and the regent’s monogram on the 1, 2 and 5 krone-coins, which all have the same design (with a hole in the middle) but different sizes.

The National Bank will now begin designing new coins for production during King Frederik’s reign, it said in a statement on Tuesday.

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Denmark also traditionally produces so-called troneskiftemønter or “change of throne coins” when a new regent accedes, most recently doing so in 1972 when Queen Margrethe became regent following the death of her father Frederik IX.

Special edition coins for the 2024 succession are also underway, the central bank confirmed.

Minting new coins is a lengthy process involving the creation of a design before physical production of the coins themselves.

The new coins are expected to enter circulation around the end of 2024, the Nationalbank said.

They will be used alongside the existing Queen Margrethe coins, which remain in circulation.

Nationalbanken will issue further information about the coins as the process progresses, it said.