After more than 70 years Australia’s currency is getting a facelift, with images of King Charles III to appear on our coins within months.

An effigy of the king, released on Thursday by the Royal Australian Mint, will start circulating before Christmas.

The first coin to bear the effigy will be the dollar, with other denominations to be rolled out in 2024, based on demand from banks.

The image of King Charles is the official commonwealth effigy and was designed by the Royal Mint in London and given royal approval.

In line with tradition, the king will appear on coins facing left, in an about-face from the reign of the late Queen Elizabeth II, who faced right.

The Royal Australian Mint chief executive, Leigh Gordon, said the question of when the king would be seen on Australian coins had been a frequent one since his mother’s death.

“As Australia’s circulating coin manufacturer, we appreciate the importance of the transition, and we are applying our considerable skill and expertise producing Australia’s coins bearing the new royal effigy,” he said.

“The staff at the mint have been very deliberate and measured in the steps to date and we are now well positioned to expand into production.”

The assistant Treasury minister, Andrew Leigh, said for many Australians it would be the first time they had seen a different face on the currency.

“For seven decades, Australians have seen a Queen on their coins,” he said. “Every decimal currency coin has featured Queen Elizabeth II.

“Now, for the first time since 1953, the King’s effigy will appear on an Australian coin. For most Australians, this will be the first time they have held in their hands a coin with a King.”

Collectible coins bearing King Charles will be on sale from early next year.

Coins carrying the image of Queen Elizabeth will remain legal currency.