PC: Bloomberg

Many people are curious as to what will happen to Commonwealth banknotes and coins, which have featured Queen Elizabeth II’s image for the most of her 70-year reign.

More than 15 nations feature the picture of the Queen on their currency, with the United Kingdom, Australia, Canada, and New Zealand having the highest populations. Bermuda, St. Lucia, Montserrat, and other Caribbean countries that use the Eastern Caribbean currency are included in this list. Numerous Oceania nations also include the Queen’s image on their currency.

Although it hasn’t been officially stated in the majority of the countries, tradition dictates that King Charles III would replace the Queen’s effigy on these banknotes.

Images of the monarch may occasionally be replaced with other symbols, as certain Commonwealth nations have done recently, including Jamaica and the tiny African republic of Seychelles.

The four largest nations that feature British monarchs on their money are shown below along with any known revisions.

United Kingdom
Since the Queen’s likeness had been on Commonwealth money for such a long time, there may have been some uncertainty regarding its continued validity following her passing.

This Monday, the Bank of England reaffirmed that, as in other countries, the “Queen will continue to be legal money” in the United Kingdom.

More information will be released following the Queen’s funeral, however it is anticipated that King Charles III will take the Queen’s place on British banknotes.

The Guardian estimates that it will take around two years to replace the 4.5 billion sterling bank notes in use with the new King Charles III money.

The Royal Australian Mint said on Tuesday that it will begin producing coins featuring King Charles III’s effigy in 2019.

The country’s $5 bill, which includes the Queen’s portrait, is still valid currency. According to Australia’s Assistant Minister for Treasury Andrew Leigh, the picture will change, albeit there is no assurance that the King Charles III painting would be used.

Leigh stated that it was a possibility when asked about the likelihood of Eddie Mabo or Vincent Lingiari replacing the monarchs on the $5 bill. In any case, the current $5 bill won’t be phased out and will continue to be used for “years to come,” the Reserve Bank of Australia announced in a statement.

The Queen is shown on Canadian coins and plastic $20 banknotes. The Department of Finance, which has the last say on design modifications, has not yet made any preparations about the Queen’s replacement.

A change to the monarchy does not need the replacement of circulating coins, according to a statement from the Royal Canadian Mint.

There has been some discussion on social media about replacing royal pictures with fresh artwork. In a poll done by Pollara Strategic Insights a few days after the Queen passed away, 56% of Canadians said they would be against printing King Charles III’s face on money.

New Zealand
Both the $20 banknotes and all of New Zealand’s coins will feature King Charles III in place of the Queen.

The Reserve Bank of New Zealand stated that any new designs are “a few years away” and that there are no imminent alterations planned due to cost considerations.