It’s something most of us have never paid a second thought to: what happens to our money once Queen Elizabeth II dies?
The British monarch’s death on September 8 has left millions in shock, parliaments around the world halted and a new King in waiting, but it also has left a significant impact on Australia’s currency.
For decades her image has been stamped on our notes and coins, a reminder of Australia’s role in the Commonwealth, but with a new monarch on the throne, a massive rebrand will be needed.
In 2023, Australian coins will be updated to feature King Charles III’s face by the Royal Australian Mint in Canberra.
It’s a move that is expected to take some time as designs are confirmed.
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What happens to our money once Queen Elizabeth II dies?
(Image: Getty)Interestingly, the coins’ design will include one significant difference: Charles will face left. This is in keeping with 17th century tradition which dictates that each new monarch must alternate the direction of their gaze.
The $5 note will also be modified to feature King Charles’ face, but we won’t have to be in a rush to discard our current Queen Lizzie ones, as the Reserve Bank of Australia (RBA) confirms.
“All Australian banknotes issued from 1913 retain their legal tender status,” an RBA spokesperson said.
“So, the currently circulating $5 banknotes would still be able to be used should a new banknote be issued as a result of a change in monarch.”
Queen Elizabeth has been the only monarch to feature on Australia’s decimal currency which was founded in 1966.
(Image: Getty)Queen Elizabeth has been the only monarch to feature on Australia’s decimal currency which was founded in 1966.
Despite being an ancient tradition for monarchs and emperors to have their heads stamped on coins, the Queen appeared on currency more than another other person in history.
It’s a testament to her dutiful 70-year reign and her role as Head of State in the Commonwealth.
In May, the Royal Australian Mint unveiled a 50-cent coin to mark the Queen’s Platinum Jubilee.
The special coin features intertwining golden wattle branches and Lilly of the Valley flowers to showcase the close connection between Her Majesty and the Australian people.
In 2023, Australian coins will be updated to feature King Charles III’s face by the Royal Australian Mint in Canberra.
(Image: Getty)