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
Prince of Wales Prince of Wales Prince of Wales () was a title granted to princes born in Wales from the 12th century onwards; the term replaced the use of the word "king". One of the last Welsh princes, Llywelyn ap Gruffudd, was killed in battle in 1282 by Edward I, King of England, whose son Edward (born in Caernarfon Castle in 1284) was invested as the first English Prince of Wales in 1301. Since the 14th century, the title has been a dynastic title granted to the heir apparent to the English or British monarch, but the failure to be granted the