There's A Plan For King Charles III's Death & Here's What Would Happen To Canadian Money
Following the announcement of King Charles' cancer diagnosis, you might be wondering if Canada will soon have a new monarch.
The Royal Canadian Mint has shared with Narcity what would happen to Canadian money — specifically Canadian coins — after King Charles III's death.
Buckingham Palace revealed on February 5, 2024, that King Charles had been diagnosed with cancer and he was "positive about his treatment."
Later, it was reported that the king had started working on a succession plan after the diagnosis.
So, Nacity spoke to the Royal Canadian Mint about what would happen to Canada's money if King Charles died, including the transition plan, the design of a new effigy, and more.
"We are not engaged in any transition planning at this time," the Mint said. "The plan we developed to manage the last transition to a new monarch has given us all the necessary tools and readiness to efficiently adapt to a future transition scenario."
Designs of Canada's circulation coins are "the exclusive jurisdiction of the government of Canada."
The Royal Canadian Mint told Narcity that it will wait for direction from the feds "before implementing any required design change."
That's what happened after Queen Elizabeth passed and Charles was coronated as the king — the federal government and the Mint worked to transition Canadian coins to have a new obverse.
You might be wondering what the plan was that now gives the Royal Canadian Mint "all the necessary tools and readiness" to transition to a new monarch.
The Mint told Narcity after Queen Elizabeth II died in 2022 that it only manufactures and distributes Canada's circulation coins so it would "abide by the decision and timetable" from the federal government.
Also, there was no required timeline for distributing any coins featuring a new monarch.
Hundreds of coin designers and Mint engravers were invited to submit concepts for a "made-in-Canada" portrait of King Charles III after his succession.
The effigy designed by Montreal-based portrait artist Steven Rosati was selected as the portrait to be engraved on the obverse side of all new Canadian coins.
Then, Canada's first coin with King Charles was officially struck on Tuesday, November 14, 2023.
It marked the first circulation coin in Canada to feature a new monarch in 70 years.
When the coin was minted, the Royal Canadian Mint announced that it planned to start circulating a small number of King Charles coins by December 2023.
Canadian coins in circulation remain legal tender even when the monarch changes and you can use both Queen Elizabeth and King Charles coins in Canada.
Also, coins typically have a life span of more than 20 years so loonies, toonies, quarters, nickles and dimes with both effigies should be found in your change for many years to come.
The Royal Canadian Mint told Narcity recently that it is "continuing to produce a normal volume of circulation coins bearing His Majesty's effigy."
This article's cover image was used for illustrative purposes only.
