In this paper we study oriented quantum coalgebras which are structures closely related to oriented quantum algebras. We study the relationship between oriented quantum coalgebras and oriented quantum algebras and the relationship between oriented quantum coalgebras and quantum coalgebras. We show that there are regular isotopy invariants of oriented 1-1 tangles and of oriented knots and links associated to oriented and twist oriented quantum coalgebras respectively. There are many parallels between the theory of oriented quantum coalgebras and the theory of quantum coalgebras