Here's What Will Happen To Canada's Money Now That Queen Elizabeth II Has Died

Queen Elizabeth II has died, marking the end of her reign as queen of Canada, and that will lead to changes here, including with this country's money.

After her death at the age of 96 on Thursday, September 8, 2022, a plan to crown her successor, King Charles III, and to prepare for her funeral was immediately put into action.

The change in power also has implications for this country as Canada will have a new monarch and that comes with changes to our money.

The Royal Canadian Mint told Narcity that the future design of Canadian coins is the "exclusive jurisdiction" of the federal government.

Since the Mint only manufactures and distributes Canada's circulation coins, it will "abide by the decision and timetable" from the federal government on changing the "heads" design of coins.

When the monarch changes, the legal tender status of existing circulation coins doesn't change.

That means coins with Queen Elizabeth II on the reverse side can still be used.

The Mint also noted that there isn't a required timeline for distributing any new coins. When new ones are created with the image of King Charles III, they will be distributed based on demand.

Not only is Queen Elizabeth II on Canadian coins, but she is also on one of Canada's banknotes.

The Bank of Canada told Narcity that the current $20 bill, which features a portrait of Queen Elizabeth II, "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."

If a new banknote were to be created, including one that has the portrait of the new king, the form and material of it have to be approved by the minister of finance, a role currently held by Chrystia Freeland.