Countries around the world whose currencies honor the late Queen Elizabeth II now have a new monarch and they must decide King Charles III will have a place on their coins and banknotes.
Since the Queen’s death in September, Canada has not said whether or not it intends to affix the King’s effigy to its coins and notes, but other members of the Commonwealth have taken their decision.
Unsurprisingly, the UK was the first country to come up with new banknotes featuring King Charles, unveiling the designs in December. The Bank of England has indicated that the new banknotes will enter circulation in the middle of next year.
The Reserve Bank of New Zealand also said it was preparing to replace the image it uses on coins with one approved by the new king, but the transition would take several years.
For its part, Australia has decided not to place King Charles III on its new five dollar note. Its central bank announced in February that the country was opting for an indigenous design instead, but the king is expected to appear on Australian coins that currently bear the image of Queen Elizabeth.
The decision to include the portrait of King Charles III on banknotes and coins is largely symbolic, but it may reflect the relationship between a country and the monarchy, as well as the level of public support for the institution.
“Different countries are going to approach it differently, depending on the level of attachment to the monarchy and the strength of the republican movement in each country,” said Jonathan Malloy, professor of political science at Carleton University in Ottawa.
In the Caribbean, many countries have held debates about the role the monarchy should play. Barbados, for example, gave up the British monarch as head of state in 2021.
Other Caribbean nations that still belong to the Commonwealth have said little about whether King Charles would be depicted on their banknotes and coins. However, the Antigua Observer reported earlier this year that Eastern Caribbean Central Bank Governor Timothy NJ Antoine said there may be “no appetite” for it.
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In Canada, the federal government has not revealed whether it plans to move forward with the image of the new monarch on Canadian currency. The Ministry of Finance is content so far to say that “additional details will follow”.
Finance Minister Chrystia Freeland’s office did not respond to questions about this in time for this posting.
Jonathan Malloy is not surprised; he perceives a partisan divide regarding the role of the monarchy in Canada, particularly between the liberals, who have no clear position, and the conservatives who are traditionally closer to the royal family.
“I don’t think Prime Minister Trudeau wants to get rid of the monarchy, but he doesn’t want to draw attention to it either, according to Professor Malloy, while the Conservatives, I’m sure, would put the King Charles III on silver. »
The Royal Canadian Mint and the Bank of Canada are waiting for the federal government to make a decision on the future of coins and banknotes.
“As always, the Minister of Finance is responsible for approving the form and material of any new bank note, including the subject of the portrait, in accordance with the Bank of Canada Act,” said the spokeswoman for the Bank of Canada, Amélie Ferron-Craig, in an email. “As such, it would be up to the government to announce whether the king’s portrait will appear on a banknote. »
According to the Royal Canadian Mint, Canada has included a likeness of the reigning monarch on its coins since production began in 1908.