What happens to Australian currency after the death of the Queen?

Overview

Will there be any changes to Australian currency now that Queen Elizabeth II has passed away? The majority of Australians have never seen any other face on their coins other than that of Queen Elizabeth II.

For many years, the image of Queen Elizabeth has served as a subtle reminder of Australia’s ties to the royal family and its constitutional monarchy status. But in the twenty-first century, the link to royalty and the need for actual money in daily life are eroding. What will happen to the money now that a new ruler is in power?
More than any other historical figure, Queen Elizabeth II has been depicted on currency. In 35 nations, including the UK, Canada, Australia, New Zealand, and other Commonwealth countries, her image appeared on coins. She is also shown on banknotes, such as Australia’s $5 bill and the former $1 bill. King George VI, the father of Queen Elizabeth, first featured on the reverse of all Australian coins and bank notes before moving on to pounds, shillings, and pence.

The Royal Mint Advisory Committee held a competition to create his daughter’s effigy for coins and banknotes in the UK and other nations, including Australia, a few months following his death in 1952. The new coins were introduced the following year, and the old ones gradually disappeared from circulation. When Australia switched to decimal currency in 1966, the Queen’s effigy was updated. It was also updated in 1985 and 1998 to reflect the length of her reign. 2019 saw the most current modification. Every time it changed, the painters infused it with their unique style.

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King Charles III’s effigy will need to be added to existing coins; currently, Australian coinage utilise an effigy of the King provided by the UK Royal Mint. A tradition that stretches back to Charles II’s rule in the 1600s requires that each new king or queen alternate their gaze direction, but there will be one small difference – he will face left.

In the next years, it is anticipated that Australian coins will gradually begin to feature an effigy of King Charles III. Charles III will also appear on coins in 2023, according to the Royal Australian Mint. The RBA declared in a statement following the passing of the Queen that there would be “no immediate change” to Australian banknotes. The $5 banknotes bearing the portrait of Her Majesty The Queen can still be used, so you don’t have to be concerned about misplacing your hard-earned money, according to the RBA statement.