Duchy of Cornwall from Duchy income, assisted by Grants-in-aid from the Queen. If there is no duke (for example, if the monarch does not have any male children) the duchy income reverts to the monarch and the annual Sovereign Grant is reduced annually by the amount of the duchy's income. The duchy was established on 17 March 1337 by the Royal Great Charter out of the former Earldom of Cornwall by Edward III for his son, Edward, Prince of Wales, the "Black Prince", who became the first Duke of Cornwall. The charter established that the Duke of Cornwall is to be the eldest
Investiture of the Prince of Wales The tradition of investing the heir apparent of the English, and subsequently the British, monarch with the title of "Prince of Wales" began in 1301, when King Edward I of England, having completed the conquest of Wales, gave the title to his heir apparent, Prince Edward (later King Edward II of England). Investiture is not necessary to be created Prince of Wales. Peers were also invested, but investitures for peers ceased in 1621, at a time when peerages were being created so frequently that the investiture ceremonies became cumbersome. Most investitures for Princes of Wales were held in front of