The current $20 bill, featuring a portrait of the Queen, will be in circulation for many years to come. There is no legal obligation to change the appearance of banknotes within a prescribed timeframe when there is a change in leadership of the monarchy, the central bank said. Any new note, including the choice of subject for his portrait, must be approved by the Treasury Secretary.
One observer wonders if the Canadians ended up defeating King Charles III. seen on Canadian banknotes.
“I don’t know if we’re going to see it because only the $20 bills have a portrait of the Queen, and Canadians might want to change that,” noted Dimitry Anastakis, a professor of economic history at the University of Toronto.
The government will likely keep the Queen on the $20 bill for some time before making any changes, he added.
For its part, the Royal Canadian Mint, which produces and distributes the country’s coins, says the government has exclusive jurisdiction over the design of the coins.
The organization says it will respect the government’s proposed decisions and deadlines regarding changes.
Royal Canadian Mint spokesman Alex Reeves assured that all coins currently in circulation are still legal tender and this will not change as a new monarch ascends the throne.
Coins depicting the Queen’s father, King George VI, continued to circulate for decades after his death and are still legal tender today.
However, coins are likely to be exchanged earlier than banknotes, claimed Dimitry Anastakis.
“It is very likely that we will see (the king) on our mint in a year or two, but that depends on the mint and their plans. »
Dimitry Anastakis added that he doesn’t know if the Royal Canadian Mint already has images of King Charles III for the mint, or if the monarch should designate an official image.
The king’s face will not be able to face the same direction as the queen’s, which is facing right, he added. Each monarch faces the opposite direction of his predecessor.
Although it is a tradition to engrave the reigning monarch’s portrait on Canadian currency, there is no regulation requiring this.
The Queen first appeared on Canadian banknotes in 1935, and she was only eight years old when she posed for the portrait used.
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