Justin Trudeau has announced what will happen to Canadian money now that the coronation of King Charles has taken place and a lot of changes are in the works.
After the death of Queen Elizabeth II, little information about if she would be replaced by her successor on Canada's coins and banknotes was shared with Canadians.
The Royal Canadian Mint told Narcity at the time that designs of Canadian coins are the "exclusive jurisdiction" of the federal government.
Also, the Bank of Canada shared with Narcity back then that the $20 bill featuring a portrait of Queen Elizabeth II was "intended to circulate for years to come."
"There is no legislative requirement to change the design within a prescribed period when the monarch changes," the Bank said in 2022.
Now, the prime minister has given Canadians an update about changes to Canada's currency in a statement in celebration of the coronation of King Charles III on May 6, 2023.
The federal government tasked the Royal Canadian Mint with designing and placing an effigy of King Charles III on all new Canadian circulation coins.
Also, the government confirmed with the Bank of Canada that the portrait of Queen Elizabeth II on the $20 bill will be replaced by a portrait of King Charles during the next design process.
When it comes to the timeline for the new Canadian money featuring the new sovereign, the design of the new effigy for circulation coins will be revealed in the coming months.
But the changes to bills won't happen that soon because the process for updating the $20 banknote is expected to take a few years.
The federal government shared that all existing coins and $20 bills that feature Queen Elizabeth II will "remain legal tender" even after the new Canadian money comes out.
Since Canada is a constitutional monarchy, the reigning monarch is featured on Canadian coins and banknotes.
An effigy of the reigning monarch started appearing on Canadian coins in 1908 and a portrait of the reigning monarch started appearing on Canadian banknotes in 1935.
In the U.K., the Royal Mint began manufacturing the first circulation coins featuring King Charles III toward the end of 2022.
The coin, a memorial 50 pence, has an effigy of the king on one side and a design commemorating Queen Elizabeth II's coronation on the other.
Unlike Canada and the U.K., Australia has opted not to feature King Charles III on its currency and will replace the queen's portrait with something that "honours the culture and history of the First Australians."
This article's cover image was used for illustrative purposes only.
Justin Trudeau Reveals How Canadian Money Will Change Now That Charles Is Officially King
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