GREENSBORO, N.C. — What happens with all the currency that has the picture of Queen Elizabeth II on it? The longest reigning monarch died on September 8, 2022. Prince Charles immediately becomes King Charles III. So, when will the new King be on coins and bills?
Our Verify team did the research on this. The Royal Mint and UK Banks that produce currency say coins and notes that have the Queen's image will remain legal tender as new money with the King are produced.
When it does come out, King Charles is expected to be looking left, instead of right as Queen Elizabeth II did.
This continues a tradition that began in the 1600s when the new monarch would face the opposite direction of their predecessor.
Where does that leave the Canadian currency?
Canadian money comes from two sources: the Bank of Canada, which prints and issues the country’s paper money, and the Royal Canadian Mint, which mints the country’s coins.
In Canada, the standard $20 bill has a portrait of Queen Elizabeth II on it. She also appears on one side of all standard Canadian coins.
A statement by the Royal Canadian Mint reminds consumers:
“…A change in monarch does not require the replacement of circulation coins. The Mint will also support the Government of Canada as it works to determine a new design.”
While we're on the subject of money, you might wonder why the queen who was living got her image on coins and bills.
In America, all the faces are of leaders who have died.
This is traced back to a law in 1866 when Congress stated no living person can be portrayed on American currency, the founding fathers believed it was unpatriotic.