Queen Elizabeth II has passed away, marking the end of her reign as Queen of Canada, and that will bring about changes here, including with this country’s money.
Following his death at the age of 96 on Thursday September 8, 2022, a plan to crown his successor, King Charles III, and prepare for his funeral was immediately put into action.
The shift in power also has implications for the Canadian currency.
The Royal Canadian Mint told Narcity that the future design of Canadian coins is the “exclusive jurisdiction” of the federal government.
Since the Mint only manufactures and distributes Canada’s circulation coins, it will “adhere to the federal government’s decision and schedule” to change the coin “head” design.
When the monarch changes, the legal tender of existing circulation coins does not change.
This means coins with Queen Elizabeth II on the back can still be used.
The Mint also noted that there is no required timeline for the distribution of new coins. When new ones are created with the effigy of King Charles III, they will be distributed according to demand.
Not only does Queen Elizabeth II appear on Canadian coins, but she also appears on one of Canada’s banknotes.
The Bank of Canada told Narcity that the current $20 note, which features a portrait of Queen Elizabeth II, “is meant to circulate for years.”
“There is no legislative requirement to change the design within a prescribed time when the monarch changes.”
If a new banknote were to be created, including one bearing the image of the new king, the form and material of the latter would have to be approved by the Minister of Finance, a role currently held by Chrystia Freeland.
The cover image of this article was used for illustrative purposes only.