After the passing of the longest-reigning British Queen and leader of Canada, Queen Elizabeth II, Canadians may no longer see the monarch depicted on their money after her death.
Why Is Queen Elizabeth II On Canadian Coins and Money?
In accordance with tradition, the head of the state’s portrait appears on currency rather than a politician in the UK because parliament and the banking sector both recognize the head of state. The graphic on the reverse side features a variety of well-known British figures, with the selection changing throughout time. When the new designs are accepted, the royal mint begins issuing new currency with those designs.
Canada is a former British colony and the Queen was a head of state. That is the reason why the face of Queen Elizabeth II has been appearing on Canadian coins and money. In 1935, the Queen was shown as a little kid on the Bank of Canada’s inaugural series of banknotes.
What’s Next For Canadian Money?
Changes, according to the Bank of Canada, which creates Canada’s paper currency, won’t be noticeable right away. The present $20 banknote, which features the Queen Elizabeth II, is designed to continue in circulation for many years to come, according to the central bank, and there is no legal duty to replace the design when the monarch changes within a specific time frame. The finance minister approves all new banknotes, including the portrait design.
One observer questions whether King Charles III, as he is now known, will ever appear on Canadian money.
Professor of business history at the University of Toronto Dimitry Anastakis remarked, “I don’t know if we will, since there is just the money $20 that has the Queen Elizabeth II on it, and Canadians may want to change this. But he pointed out that before any changes are made, the government will probably continue to use the Queen as the face of the $20 bill.
The government has sole control over the design of Canada’s coins, according to the Royal Canadian Mint, which produces and sells them. The Mint declared that it would follow the government’s choice and the timeline for altering coins.
The legal tender status of coins already in use does not alter when a new king takes the throne, according to Mint spokesperson Alex Reeves. For many years following his demise, coins bearing the image of the Queen’s father, King George VI, were in circulation. However, according to Anastakis, they are more likely to alter sooner than bills. The likelihood that the King will appear on our coins over the next two years relies on the Mint’s intentions, though.
King Charles III’s official image may already be on the currency, according to Anastakis, or the monarch may be required to designate one. He continued that the King cannot look in the same direction as the Queen Elizabeth II, who looks to the right. Every King has a different direction of facing than the one before.
Although it is customary, there are no laws mandating the current monarch to be shown on Canada’s coins.