Special edition silver $1 coin featuring King Charles III sells out

A special edition coin featuring King Charles III has sold out on the same day it was released.

While it is not the first run of coins featuring King Charles in Australia, it is part of a special edition collection by the Perth Mint.

The $1 coin, a 1oz (31.1035 gram) silver proof piece that was selling for $130, has a mintage of 7500 and is part of the mint's "signature Australian Kangaroo series".

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The silver coin, a small batch of which was released today, has the effigy of King Charles III created by Welsh illustrator and coin designer Dan Thorne.

"Charles is the sixth monarch to appear on the hundreds of millions of coins we have struck over the past 125 years," general manager of minted products Neil Vance said.

The other side of the coin features what the Perth Mint described as "classic reverse artistry portraying a bounding kangaroo surrounded by stylised rays of sunlight".

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The special coin also includes a "P125" mintmark, an exclusive inclusion on 2024-dated releases to mark the Perth Mint's 125^th anniversary.

As is tradition, successive monarchs face in different directions, and so while his mother Queen Elizabeth II faced right, King Charles III faces to the left.

The first batch of coins featuring the effigy of His Majesty King Charles III were manufactured by the Royal Australian Mint and released into circulation in December.