September 12, 2022
Canada, a former British colony, has a new head of state. But the face of Queen Elizabeth II will continue to appear on its currency, reports Fortune magazine.
Queen Elizabeth’s image is featured on the backs of coins and on plastic-based C$20 (US$15.28) banknotes that were first introduced in 2011. Those bills will remain in circulation; and the central bank said it’s up to Prime Minister Justin Trudeau’s government to decide if new notes will feature the image of her successor, King Charles III.
“The current polymer $20 banknote 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, spokesperson for the Bank of Canada, said by email on Thursday, September 8.
“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.
The queen died peacefully at age 96 at her estate in Balmoral, Scotland, earlier on Thursday.
Research contact: @FortuneMagazine