Hugh: Bank of Canada Comments on the Future of the Queen on our Money

The death of Queen Elizabeth II brings with it a series of changes the Commonwealth hasn’t seen in a long, long time. The Queen’s face has been a mainstay on the currency for multiple nations, including Canada, but is that about to change? On the issue, the Bank of Canada recently said that the current $20 note, which prominently features Queen Elizabeth, will continue “to circulate for years to come.” The same will be true of our coins, and it’s worth noting that coins with the face of the Queen’s father, King George VI, circulated for decades after his death. Certainly, the legal tender status of both the $20 bill and all coins does not change depending who is on the throne. At some point, our currency will be refreshed, but when will that be? Coins, which are manufactured by the Royal Canadian Mint, are more likely to be updated with the current monarch’s face, according to University of Toronto business history professor Dimitry Anastakis. While Anastakis says we could see coins featuring King Charles III in a year or two (of course subject to the Mint’s plans), the $20 notes might take quite a while. According to the Bank of Canada, when a new portrait subject is chosen, a fresh design is drawn up, and the new note usually isn’t ready until “a few years later.” They’re certainly not under any deadline, as “there is no legislative requirement to change the design with a prescribed period.”

A couple other interesting notes (no pun intended) about a potential change to the face of royalty on Canadian money: when a change is made to coins, King Charles III will be facing left, as each monarch faces the opposite direction as their predecessor, and Queen Elizabeth II faces right. Also, many people have suggested removing the British monarchy from Canadian currency, but is there a chance that might happen? It turns out, although it is tradition to have the British monarch on our currency, there are no rules requiring it. However, it is unlikely to change, with the Bank of Canada already confirming that “when it is eventually redesigned, the $20 note will continue to feature the reigning monarch,” while the Mint says that the decision is up to the Government of Canada.