Although it has been months since King Charles III assumed his , Canada has yet to update its currency to include images of the new sovereign.
Following her death on Sept. 8, the late Queen Elizabeth II continues to be featured on the $20 bill and Canadian coins. Having spent 70 years on the throne, she is Canadaâs longest-reigning monarch.
While there is no legislation requiring Canada to feature the reigning monarch on its currency, doing so is a long-standing tradition. But as of now, a timeline for replacing images of the Queen on coins and bills remains unclear.
According to the Bank of Canada, which produces the countryâs banknotes, it will be years before images of the King appear on the $20 bill. The current $20 banknote is intended to circulate for years to come, said Bank of Canada spokesperson Amelie Ferron-Craig.
âOnce a new portrait subject has been selected, the banknote design process begins, and the banknote is ready to be issued a few years later,â Ferron-Craig told CTVNews.ca in an email on April 12.
In accordance with the Bank of Canada Act, the minister of finance is responsible for approving the portrait subject of new banknotes. The Bank of Canada has not received any kind of approval from the ministry regarding the design of a new $20 banknote, Ferron-Craig said.
When it comes to coinage, the Royal Canadian Mint is responsible for manufacturing and distributing Canadaâs coins. The Mintâs senior manager of public affairs, Alex Reeves, said the federal government has jurisdiction over coin design, but directive on a new look involving the Kingâs effigy has not yet been issued. Until further notice, the Mint will continue to produce coins with images of Queen Elizabeth, Reeves said.
âWe have a team and process in place to implement, in a timely manner, the governmentâs decision once it is announced,â Reeves told CTVNews.ca in an email on April 12.
CORONATION A âNATURAL OCCASIONâ FOR CURRENCY UPDATES: EXPERT
ŰÎŰ´ŤĂ˝ royal commentator Richard Berthelsen says he expects the federal government to announce plans for new designs before the Kingâs coronation on May 6.
âThere is a degree of public interest in knowing what the Canadian government is doing to commemorate the coronation and the start of the new reign,â Berthelsen told CTVNews.ca in a telephone interview on April 13. âThe coronation would be a natural occasion when there might be announcements about some of these items.â
Any images of the King used in Canada will require his approval, Berthelsen said.
âIt'll be imagery produced in Canada, we won't be using the British imagery,â Berthelsen said. âBut it is always sent for the approval of the [monarch] before it is used, just as it is in the U.K.â
In the United Kingdom, the Bank of England has already revealed the new design of its banknotes featuring King Charles III. These notes include 5, 10, 20 and 50-pound bills. The Kingâs portrait will replace the , while the rest of each banknoteâs design will remain the same.
The new notes will , according to the Bank of Englandâs website. Bills featuring images of the late Queen will continue to circulate and are still considered legal tender.
Coinage with the Kingâs official effigy began circulating in December 2022, starting with the 50-pence coin and a commemorative 5-pound coin. According to the Royal Mint, the effigy was . In keeping with tradition, the Kingâs portrait shows him looking to the left, the opposite direction of his motherâs portrait.
âUnlike the [United Kingdomâs] Royal Mint and the Bank of England, which seem to have a plan to transition quite quickly, we havenât really seen that it Canada,â Berthelsen said. âThe U.K. was a lot better prepared for this transition.â
COULD NEW CURRENCY DESIGNS EXCLUDE KING CHARLES?
In February, Australiaâs central bank said it will be removing images of the monarchy from its banknotes. According to a press release issued Feb. 2, the to include an Indigenous design instead of King Charles. The current $5 bill includes a portrait of the late Queen and is the only Australian banknote with a member of the Royal Family.
The central bank plans to consult with Indigenous groups about the new design, a process it says could take years to complete. Meanwhile, King Charlesâ image is still expected to replace the late Queenâs portrait on coins that will enter circulation later this year.
Itâs still unclear whether the Canadian government will choose to do something similar, although itâs entirely possible, Berthelsen said.
Subjects of banknotes have varied throughout the decades, ranging from to . In 2018, Canada launched a new $10 bill featuring Viola Desmond, a civil rights advocate from Nova Scotia. Desmond is the first woman outside the Royal Family to be featured on Canadian currency.
âThey may choose to say, âWeâre going to take advantage of this occasion and on the $20 bill, weâre going to move away from the current sovereign,ââ Berthelsen said. â[Their philosophy] has kind of changed over the years, so there's no reason it can't change again.â
Keeping the late Queen on the $20 bill is another option, Berthelsen said. The government could decide to continue featuring Queen Elizabeth II âon a historic basis,â seeing as she is Canadaâs longest-reigning sovereign.
âShe's a historic figure now and we have other historic figures on banknotes, theyâre not all living,â he said.
But when it comes to coinage, Canada maintains a long-standing tradition of updating effigies to represent the current sovereign, said Berthelsen. As a result, itâs likely the Royal Canadian Mint will update its coin design to include King Charles.
WHAT ŰÎŰ´ŤĂ˝ A ROYAL PORTRAIT?
, portraits of the late Queen Elizabeth II will be replaced with those of King Charles III when a new portrait becomes available. These portraits will be printed and framed for use in Canadian government offices and institutions.
In an email to CTVNews.ca on April 13, Canadian Heritage said it reached out to Buckingham Palace requesting an official Canadian portrait of King Charles III shortly after the Queenâs death. The department is now âworking on the production of an official Canadian portrait of The King and will release it as soon as it is available.â
This comes after the was unveiled on March 29. The oil painting was commissioned by the Illustrated London News (ILN) and done by Alastair Balford.
The official Canadian portrait will likely show the King with the Canadian orders, decorations and medals he holds, Berthelsen said. The Canadian government also likely commissioned different versions of the portrait, including one of King Charles alone and another featuring the King alongside Queen Camilla.
With files from The Associated Press and The Canadian Press