Will Charles III replace Queen Elizabeth on Canadian money anytime soon?

There may come a time, in the not too distant future, when you no longer see the face of Queen Elizabeth II when you open your wallet, if you still use cash, and will instead be greeted by her son and successor, King Charles III. 

When that may happen is yet to be determined. The late monarch will maintain her place on the $20 bill and on Canadian coins for now.

The organizations responsible for the production of our money, the Bank of Canada and the Royal Canadian Mint, are staying mum on the future of Canadian currency as people mourn the death of our head of state. So too is the Finance Department, which makes the final decision on any design updates. 

"We've had a whole series of monarchs on our money since the turn of the [20th] century," said Dimitry Anastakis, a history professor at the University of Toronto and the Rotman School of Business. "When the monarch changes the money changes."

He noted it's most likely we'll see the King appear on Canadian coins, but not necessarily the $20 bill.

There is some debate, however, over whether King Charles will — and should — replace his mother on the sole banknote that bears her likeness and on the obverse, or "heads," side of the coins. It's not a requirement, so much as a tradition, to have our monarch depicted on our national currency, he explained.

Britain and a handful of other countries — including Australia, New Zealand and Caribbean island nations under the monetary authority of the Eastern Caribbean Central Bank — will also have to make decisions on whether to update the imagery on their coins and bills to replace the Queen. So far, none have announced immediate plans.

But changing the image on our currency is not just about honouring a new sovereign, said Anastakis, but it's a way to mark the moment of history we're in right now. 

Any decision to replace or remove the monarch on the $20 banknote likely won't happen until after the Bank of Canada completes the process of updating the $5 bill, which could still take a few more years, said Stephen Woodhead, president of the Royal Canadian Numismatic Association, a national organization for money collectors. 

The Bank has a shortlist of eight "bankNOTE-able Canadians" who are contenders to be the new face of the blue bill, narrowed down from a field of more than 600 qualified people nominated by members of the public. 

A change of face on the coins is more likely to happen more quickly.

"Because we don't change the monarchs within a particular year, 2023 would be the earliest we would see it," Woodhead said.

There are other factors that could prolong an update and minting of new coins, including how late in this year the Queen passed away. 

"The production cycle of getting the effigy image approved, and the dies [the metal stamping tool] ready and the coins produced may be longer," he said.