King Charles III officially ascended to the throne on September 10th 2022, succeeding his mother, Queen Elizabeth II. 

Following the change of monarch, what happens to the banknotes and coins around the world bearing the effigy of the late Queen Elizabeth II?

King Charles III’s portrait on Bank of England banknotes

On December 20th, 2022, the Bank of England revealed the new banknote designs featuring the portrait of HM King Charles III. The King’s portrait will be included into the existing designs of the £5, £10, £20, and £50 polymer banknotes. No additional changes will be made to the current design of the notes.

The new banknotes are set to enter circulation by mid-2024.

What happens to British banknotes featuring the image of the late Queen Elizabeth II?

According to the Bank of England, all polymer banknotes with the portrait of HM Queen Elizabeth II will continue to be legal tender. The issuance of new notes will be limited to replacing worn banknotes and fulfilling any rise in demand for banknotes.

Banknotes featuring Queen Elizabeth II and those featuring King Charles III will co-circulate alongside each other. Both types of bills will be legal tender until further notice.

If you have older, paper banknotes with the image of HM Queen Elizabeth II, these are no longer legal tender. The Bank of England replaced all paper banknotes with polymer ones.

To exchange your old, paper Pound Sterling banknotes with the image of Queen Elizabeth II, get started here: Exchange your withdrawn Bank of England banknotes.

King Charles III’s portrait on British coins

The recently minted 50 pence coins featuring the effigy of the King have already entered circulation. The official portrait was expertly crafted by British sculptor Martin Jennings. In December 2022, UK post offices distributed a total of 5 million of the new 50 pence coins into circulation. In addition, a special 50p commemorative coin featuring King Charles III’s Coronation has recently been introduced into circulation.

All other denominations of British coins will follow suit. The Royal Mint has so far not yet shared the timing for this, but it is expected that £2, £1, 20p, 10p, 5p, 2p, and 1p coins with the image of HM King Charles III will enter circulation in 2024 and 2025.

The Royal Mint have officially stated that coins bearing the Queen’s image will remain legal tender for the foreseeable future.

However, not all coins with the image of HM Queen Elizabeth II remain legal tender, as the old round £1 pound coins were replaced by newer, bimetallic, 12-sided £1 pound coins in 2017.

If you have old British Pound Sterling coins, such as the old round £1 coins, large style 50p, 10p or 5p coins, or maybe even older pre-decimal coins such as florins, shillings, sixpence or threepence, these can all still be exchanged. Get started here: Exchange your old, withdrawn Pound Sterling coins.

Next up, let’s have a look at the portrait of King Charles III on banknotes and coins of the Commonwealth.

The King’s portrait on Australian $5 Dollar banknotes

Australia’s sole remaining banknote to feature Queen Elizabeth II’s image is the $5 Australian Dollar bill. Following King Charles III’s ascension to the throne, Australia is debating to what extent it should retain its constitutional ties with Great Britain. 

In response, the Reserve Bank of Australia has announced their intention to revamp the $5 AUD banknote, showcasing ‘a design that pays tribute to the culture and history of the First Australians’.

The new design will replace the portrait of Queen Elizabeth II on the obverse, while the reverse will retain the image of the Australian Parliament.

Similar to the United Kingdom, Australia replaced its older paper banknotes with polymer ones. The Australian central bank, the Reserve Bank of Australia, was actually the world’s first central bank to introduce polymer banknotes in 1988. By 1996, all Australian Dollar banknotes were made of polymer.

If you still have old paper Australian Dollar banknotes, you can exchange them in three easy steps using our online exchange service. Get started here: Exchange withdrawn Australian Dollar banknotes.

King Charles III’s portrait on Australian coins

Australia’s presently circulating coins feature the effigy of HM Queen Elizabeth II on every coin denomination. The Royal Mint will commence minting coins bearing the portrait of King Charles III in 2023. The $2, $1, 50¢, 20¢, 10¢ and 5¢ Australian coins will feature a portrait of the King facing to the left.

All Australian coins featuring the portrait of HM Queen Elizabeth II will remain in circulation and will retain their legal tender status.

Have you been on holiday to Australia recently? Did you maybe bring back some unused loose change? Convert your leftover Australian coins to cash with Leftover Currency. Get started here: Exchange your Australian Dollar coins.

The Monarch’s portrait on Canadian $20 Dollar banknotes

In Canada, the image of the Queen is exclusively found on the polymer $20 Canadian Dollars banknote. The Canadian Federal Government has announced its plans to issue a redesigned $20 polymer note with the portrait of King Charles III.

Details on the timing of the redesigned $20 CAD have not been communicated . It is expected to take a few years before banknotes with the new design featuring King Charles III’s portrait will be introduced to the Canadian public.

Existing $20 banknotes featuring the portrait of HM Queen Elizabeth II will remain valid and legal tender.

The portrait of Canada’s monarch used to be on more denominations than just the $20 CAD bill. On the old paper banknotes known as the ‘Birds of Canada’ series, the portrait of HM Queen Elizabeth II was on the $2, $20 and the $1000 CAD note.

Older Canadian Dollar banknotes, made of paper, have been replaced by polymer notes. If you still have paper Canadian Dollar banknotes, you can exchange them here: Exchange withdrawn Canadian Dollar banknotes.

King Charles III’s portrait on Canadian coins

The Royal Canadian Mint has officially announced the redesign of Canadian coins, which will now bear the effigy of King Charles III. According to the Federal Government, these updated coins will be released in the upcoming months.

Coins featuring the portrait of Queen Elizabeth II will retain their legal tender status, and will co-circulate with Canadian coins with the portrait of King Charles III.

If you have returned from Canada with unused Canadian Dollar coins, you can convert them to cash in three easy steps, using Leftover Currency’s online exchange service.

Get started here: Exchange your leftover Canadian Dollar coins for cash.

King Charles III’s portrait on New Zealand Dollar notes and coins

The Reserve Bank of New Zealand has announced that the image of HM King Charles III will replace the Queen’s image on all of the nation’s $20 banknotes and coins.

There is no specific date set for the issuance of the new coins and banknotes. The Reserve Bank of New Zealand has clarified that, considering the cost perspective, no immediate changes are planned. It is anticipated that no alterations will be made for a few years to come.

At Leftover Currency we exchange all New Zealand Dollars: both current polymer banknotes as withdrawn paper banknotes, as well as NZ Dollar coins. In addition to New Zealand Dollars, we also exchange New Zealand’s previous currency: pre-decimal New Zealand Pounds.

Jersey Pounds banknotes and coins

At present, all Jersey Pound banknotes and coins bear the portrait of Queen Elizabeth II. The Island of Jersey’s Treasury has explicitly affirmed that there is no established plan to replace the currency in the event of a monarch’s passing.

At Leftover Currency we exchange current and withdrawn Jersey Pound banknotes.

King Charles III’s portrait on Caribbean Nations currency

Numerous Eastern Caribbean nations have expressed reservations to update their currency with the image of the King. The governor of the Eastern Caribbean Central Bank has openly stated that ‘they have no interest in a redesign.’

A number of Caribbean nations has already removed HM Queen Elizabeth II’s image from their currency. Instead, they have opted to showcase their own cultural history and identity. For instance, Jamaica, after gaining independence in 1962, replaced the images of the Queen on its currency with portraits of Jamaican national heroes.

Should you wish to convert any leftover Jamaican Dollar banknotes and coins to cash, read how to exchange your unused Jamaican Dollars.

At Leftover Currency we exchange more than 153 different currencies. Whether you have new, old, foreign, or obsolete banknotes and coins, we accept them all. Exchange your leftover currency with us today and convert your unused travel money to cash!