The Demise of the Crown Act 1901 in the UK, and similar legislation in other Commonwealth realms, now makes this process unnecessary – they are all employees of the Crown, rather than any particular Sovereign.
Coins not featuring the reigning Sovereign (foreign coins and those featuring deceased monarchs) do not incur the "pennying" forfeit as their submerged nature poses no metonymical danger to the Sovereign (see History Of Pennying below).
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The Act took effect "as from the last demise of the Crown"; i.e. the death of Queen Victoria.