With the mintage of this new 2023-dated $1 coin, it is the first circulation coin in Canada to have the portrait of a new monarch in 70 years!
Queen Elizabeth II's effigy had been on all of Canada's coins — nickels, dimes, quarters, loonies and toonies — from 1953 to 2023.
Now, there will be new Canadian coins featuring King Charles, the Royal Canadian Mint announced.
Following the federal government tasking the Mint with transitioning the obverse of Canada's coins to the new monarch earlier this year, a process to create a new design was started.
Hundreds of coin designers and Mint engravers were invited to submit their concept for a "made-in-Canada" portrait of the country's new monarch.
Montreal-based portrait artist Steven Rosati's effigy was selected as the portrait that will be on the obverse side of all new Canadian coins.
Rosati is only the third Canadian artist to have designed a royal effigy for Canada's coins since 1990.
Dora de Pédery-Hunt designed the portrait that was used from 1990 to 2002 and Susanna Blunt designed the portrait of Queen Elizabeth that was used from 2003 to 2023.
Now that the first coin with the king's effigy has been struck, Canadian money will be changing.
So, here's what you need to know about what the King Charles coins look like, when coins with the new monarch will go into circulation, what will happen to Canadian coins with Queen Elizabeth on them, and more!
What will new King Charles Canadian coins look like?
King Charles III on Canada's $2 coin. Right: King Charles on Canada's $1 coin.
Courtesy of the Royal Canadian Mint
King Charles' effigy will be used on all Canadian circulation coins, meaning the nickel, dime, quarter, $1 coin and $2 coin.
It will appear on the obverse side — also known as the heads side — of newly minted coins just like Queen Elizabeth's.
New King Charles Canadian coins will feature a portrait of the monarch facing to the left which is the opposite way that that portrait of Queen Elizabeth faced.
Since the effigy is a "bust"-style portrait, you will see the entire side profile of his face and his shoulders.
To the left of the king will be CHARLES III and to the right will be D.G. REX.
Underneath the king's effigy will be the year of the coin's mintage.
Since the toonie has an outer ring and inner core, how the new effigy will look is going to be different than loonies and other Canadian coins.
This portrait of King Charles will be on the gold inner core of the $2 coin while CHARLES III, D.G. REX and the year of mintage will be on the silver outer ring.
When will King Charles coins go into circulation?
After the new coins featuring the king's portrait were revealed, the Mint announced when King Charles coins will go into circulation.
The Mint plans to start circulating a small number of coins in all circulating denominations — that means nickles, dimes, quarters, loonies and toonies — by December 2023.
This will be done through coin exchanges and by meeting new market demand through the national coin management system.
The Royal Canadian Mint's coin exchanges allow people to trade in their old coins and banknotes for new coins.
These events are "equivalent value exchanges" which means if you want to get a toonie, for example, you'll have to give the equivalent of $2 in coins or bills.
Any Canadian circulation coin or banknote is accepted by the Mint.
What will happen to Canadian coins with Queen Elizabeth II?
If you're wondering what will happen to old coins, the Royal Canadian Mint has answered the question, "Will coins bearing the image of the late queen need to be taken out of circulation/replaced with coins featuring the king?"
All coins currently in circulation will remain legal tender regardless of the fact that Canada's monarch has changed, the Mint revealed.
Since coins have a life span of more than 20 years, Canadians can expect to find Queen Elizabeth coins in their change for many years to come.
The Royal Canadian Mint explained that when the monarch changes, the legal tender status of existing circulation coins doesn't change.
So, that means coins with Queen Elizabeth II on the obverse side can still be used as payment even when King Charles coins go into circulation.
Will Canada's $20 bills feature King Charles III?
Queen Elizabeth II isn't just on Canadian coins, her portrait is also on $20 bills in Canada.
Justin Trudeau gave an update about changes to Canada's money in a statement after the coronation of King Charles III earlier in 2023.
The federal government confirmed with the Bank of Canada that the portrait of Queen Elizabeth II on the $20 bill will be replaced by a portrait of King Charles during the next design process.
If you were expecting to get your hands on a new bill featuring the king soon, that won't be the case.
Changes to the bills with Queen Elizabeth won't be made for a while because the process for updating the $20 banknote is expected to take a few years.
According to the federal government, all existing $20 bills in Canada that feature Queen Elizabeth II will "remain legal tender" even after the new Canadian money with King Charles comes out.
The Bank of Canada told Narcity in 2022 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," the bank said.
Whenever a new banknote is created — including the one that will feature the portrait of the new king — the form and material of the bill have to be approved by the minister of finance, who is currently Chrystia Freeland, the Bank of Canada told Narcity.
This article's cover image was used for illustrative purposes only.
Coin with black rhodium plating and a silver maple leaf from the Royal Canadian Mint.
Coin with black rhodium plating and a silver effigy of Queen Elizabeth II from the Royal Canadian Mint.
