King Charles's Coronation — Details on Location and Price Tag

King Charles III may not understand what it's like to live in poverty or reside in a home with fewer than 100 rooms, but a royal source says that he's considering the cost of living crisis as he plans his coronation. According to the source, which spoke with the Daily Mirror, King Charles's coronation “will be shorter, smaller, less expensive, and more representative of different community groups and faiths.”

Here’s how much King Charles’s coronation will likely cost the U.K. with all things considered and when and where it's scheduled to take place.

When Queen Elizabeth II was crowned in 1953 at the young age of 25, about £1.57 million was spent to carry out the ceremony. Today, that's equivalent to about $35 million.

Although King Charles has reportedly expressed his desire to tone it down in terms of spending on his coronation, there are a few traditions we can still expect to see when the time comes for him to be formally appointed as the monarch of the United Kingdom (more on that down below).

While an exact figure for King Charles's coronation cost hasn't been determined, a source told The Sun that “in today’s money, the 1953 coronation cost around £50 million, but estimates for King Charles’s are twice that because of things like security, which weren’t such a big issue back then." Based on that, Charles's coronation could cost around £100 million or more than $124.4 million.

A royal source revealed that King Charles III's guest list could be set at around 2,000 people (nearly 6,000 less than Queen Elizabeth II had in attendance). They also said that those who are considered Commonwealth leaders will be given priority.

“The king is very aware of the struggles felt by modern Britons so will see his wishes carried through that although his coronation ceremony should stay right and true to the long-held traditions of the past, it should also be representative of a monarchy in a modern world,” the source mentioned.

In terms of the guest list, Cosmopolitan reported that King Charles's coronation guests will include family, celebrities, world leaders, British MPs, and many others when he is formally crowned king. Prince William, Kate Middleton, and their three children will attend King Charles’s coronation, although Meghan Markle will reportedly stay home with her two kids.

Some of the others who are expected to attend the coronation include the Duke and Duchess of Edinburgh, Crown Prince Frederik and Crown Princess Mary of Denmark, King Felipe VI and Queen Letizia of Spain, Prime Minister Rishi Sunak, Boris Johnson, and Liz Truss.

On Oct. 11, 2022, the royal family announced via Twitter that King Charles's coronation will be held at Westminster Abbey, the same place where coronations have been held for the past 900 years. Westminster Abbey is a church in London that has long been utilized to host royal weddings and ceremonies. It's also where Queen Elizabeth’s state funeral was held.

King Charles’s coronation will be held on May 6, 2023, and will likely be televised. He will be crowned alongside Camilla, the Queen Consort.

While these types of ceremonies typically last several hours, Charles's may be shorter. According to the royal family website, Queen Elizabeth’s coronation began at 11:15 a.m. and lasted nearly three hours.

King Charles’s coronation will be paid for by the British government, which also supports the royal family through the Sovereign Grant.

King Charles will likely wear St. Edward's Crown during the ceremony. At the end of the ceremony, he will switch to the Imperial State Crown, which is made of solid gold and weighs 2 pounds, 8 ounces.

No doubt, the public will appreciate the combination of honoring tradition while keeping the coronation spending lower amid the cost of living crisis.