The Queen's image: still making an impact on our currency

By Visa Direct | 11/25/2024

Visa Direct is all about moving money around the world. We may transfer it digitally, but the end result is often cash in people’s hands and pockets in more than 35 currencies the world over. We are taking a pause to reflect on the late Queen Elizabeth’s impact on the UK’s currency, and how Commonwealth currency might change under King Charles III.

We might not be using it as much as we used to, but for as long as most of us can remember cash has been part of our everyday lives. And in the UK, there has been one abiding image on every coin we’ve carried in our purses and wallets over the past seven decades. It is that of the departed Queen Elizabeth II.

The image of The Queen has been so intrinsic to our lives that it’s hard to think of another replacing it.

It’s not just British currency which features the late monarch’s image. Her face still features on the currency of 35 countries worldwide, more than any other monarch. These countries include Australia, Canada, Jamaica, New Zealand, and Cyprus where she appears on notes and coins as head of the Commonwealth. The Queen’s head features on all coins and notes issued by the Eastern Caribbean Central Bank: the monetary authority for Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia, and St Vincent and the Grenadines.¹

We’re so used to seeing the image of The Queen on our notes that it comes as a bit of a shock to consider that she was the first monarch to have their image printed on a note. This was as recently as 1960 where The Queen’s portrait appeared on £1 notes in an image created by banknote designer Robert Austin.²

She has, indeed, set a precedent. One which her son King Charles III will follow. But his image appearing on England’s and Wales’ notes and minted onto coins will be a gradual process. We will still see the familiar image of Queen Elizabeth II in the circulation of our currency for at least a few more years.

Introducing King Charles III

After his Coronation, King Charles III has now sat for the portrait that is being used on the UK’s coins and notes. The Royal Mint, continuing its centuries-old tradition since its establishment in 886 AD, has manufactured and issued these coins featuring the King’s image. Following the royal custom established in 1660, King Charles is depicted facing left, opposite to the direction of his predecessor. The coins, approved by the King, are now minted at the Royal Mint in Llantrisant, South Wales, and are in circulation.

Replacing the Bank of England banknotes that featured Queen Elizabeth II’s image has also been underway. It has been a gradual process, and the new notes with King Charles III’s portrait have started entering circulation, though it will take time for the existing banknotes to be fully replaced.

Different currencies, same approaches

Australia

The Royal Australian Mint have manufactured and released the first coins featuring King Charles III into circulation. This change continues the tradition of featuring the current monarch on the country’s currency.³

Canada

The Queen was just eight years old when she appeared on Canada’s $20 note in 1935, making it the first banknote she featured on. According to the Bank of Canada, the current banknote will be kept in circulation. The new design process for the $20 note featuring King Charles III is underway, with it expected to be issued in 2027.⁴

New Zealand

The Reserve Bank of New Zealand has confirmed that the image of King Charles III will appear on new coins and that these coins having an expected minting date of 2025. The existing coins featuring Queen Elizabeth II will remain in circulation.⁵