Will Canada's Money Be Changing After The Queen’s Death? Here’s What You Need To Know

Will King Charles III be on Canada's $20 bill?

Associate Editor, MTL Blog
Queen Elizabeth II waving. Right: Canadian money, including a $20 bill bearing the queen's face.

Queen Elizabeth II waving. Right: Canadian money, including a $20 bill bearing the queen's face.

Queen Elizabeth II's death marked the end of her reign as the longest-standing sovereign. Considering Her Majesty Queen Elizabeth II was, in fact, the queen of Canada, her passing means there will be quite a few changes for the country, including Canada's money.

Following the queen's death, her successor, King Charles III, has officially come into power, and with a new monarch means new changes to our currency. Narcity spoke with the Royal Canadian Mint regarding the future design of Canadian coins and the $20 bill, stating the federal government has "exclusive jurisdiction" over any modifications.

The Mint, which manufactures and distributes Canada's circulation of coins, said it will "abide by the decision and timetable" from the feds on swapping out Queen Elizabeth's face for King Charles III.

While the monarch has changed, the legal tender status of existing coins and banknotes has not. This means the $20 bill and all coins bearing Queen Elizabeth II on the reserve can still be used across Canada.

The Mint also stated that there isn't a required timeline for distributing any new coins. While there is no set timeline, new coins and banknotes would be produced with imagery of King Charles III and be distributed based on demand.

The Bank of Canada also spoke with Narcity regarding the $20 bill, stating that the banknotes featuring the queen's face "is intended to circulate for years to come."

"There is no legislative requirement to change the design within a prescribed period when the monarch changes." So, if you've got a stack of $20 with Queen Elizabeth II on 'em or a jar full of coins, they are still good to use.

This article's cover image was used for illustrative purposes only.

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