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King Charles will appear on Canadians’ money after all.
Canadians recently witnessed history with the coronation of our new monarch, King Charles III. In a surprise to some, in recognition of the King’s Coronation, the Government of Canada announced at the Coronation that it is changing our currency, including the $20 bill and all our circulation coins that previously bore the Queen’s likeness (every penny, nickel, dime, quarter, loonie and toonie).
During the King’s Coronation ceremony in London on Saturday, May 6, 2023, Prime Minister Justin Trudeau announced that Canada would be updating the designs of our currency to honour King Charles III.
In the same press release from the PM, the Bank of Canada confirmed that King Charles III would replace the late Queen Elizabeth II’s portrait on the above currency during the next design process.
Although Canada is not obligated to put the monarch’s image on its currency, it is a long-standing tradition.
The Royal Canadian Mint has been tasked with designing and placing an effigy of King Charles III on Canadian circulation currency. An effigy of the reigning monarch has been a part of Canadian coins since the Mint started production in 1908. Canadians can look forward to seeing the new design of the effigy for circulation currency in the coming year.
In the meantime, unique collector coins are being released to celebrate the King’s Coronation. These coins will feature King Charles’ Royal Cypher (see image above) as the symbol to commemorate this historic moment.
It’s important to note that existing coins and $20 notes bearing the late Queen Elizabeth II’s portrait will remain legal tender forever. Updating the $20 bill is expected to be complete by mid 2024.
Canadians, although not all, take pride in our continued connection to the monarchy. Indeed, unlike Canada, Australia’s new $5 banknote will feature Indigenous history instead of King Charles replacing the late Queen. At that rate, likely, some Canadians would have preferred to see images of Canada’s beautiful nature or our indigenous history reflected on the new currency following the Queen’s passing.
Stay tuned for updates on Canada’s currency’s new designs
Jeff is a lawyer in Toronto who works for a technology startup. Jeff is a frequent lecturer on employment law and is the author of an employment law textbook and various trade journal articles. Jeff is interested in Canadian business, technology and law, and this blog is his platform to share his views and tips in those areas.
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