Is political opposition in monarchies different than in other types of autocracies? This article shows that monarchies are no less vulnerable to regime change than any other authoritarian regime—they fall via coups, collapse during war, and transform into democracies—but they are less likely than other types of autocracies to be overthrown by revolutionary protest. This reduced threat from the street arises from a unique institutional feature: Monarchies can democratize without destabilizing the leadership through transitioning to a democratic constitutional monarchy. The prospect of retaining the ruler appeals to opposition groups who value both democracy and stability, but it also has implications for their ability to organize and sustain mass protest. Monarchies have been extraordinarily common throughout history; investigating how monarchies transition is important for understanding the trajectories of modern states.