There is a new head of state in the former British colony of Canada. However, the image of Queen Elizabeth II will still be present on its money.
The backs of coins and the plastic-based C$20 ($15.28) bank notes that were initially released in 2011 also have Elizabeth’s image. These bills will continue to be used, and the central bank said it is up to the government of Prime Minister Justin Trudeau to decide whether fresh banknotes would have the image of her descendant, King Charles III.
The current polymer $20 bank note 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, Paul Badertscher, spokesman for the Bank of Canada, said by email Thursday. As always, the Minister of Finance is responsible for approving the form and material of any new bank note, including the portrait subject, he added.
At her estate in Balmoral, Scotland, the queen passed away peacefully early on Thursday at the age of 96. The office of Canadian Finance Minister Chrystia Freeland was unable to provide an immediate comment on the future currency’s design.