What happens to Australia's cash after The Queen's passing

With the loss of Queen Elizabeth II, the future of Australia’s physical currency is unknown. Will coins and notes be redesigned to feature the new Monarch or could this changing of the guard stir debate on the need for cash in the expanding era of digital payments?

Her Majesty Queen Elizabeth II passed away peacefully at Balmoral Castle on 8 September 2022 at the age of 96. Her reign extended for 70 years. The much-beloved Sovereign will be succeeded by her eldest son, King Charles III.

Representations of The Queen adorn an array of items throughout the world including stamps, flags and various Commonwealth currencies. Over time, these portrayals will be revised to reflect Charles' appointment.

When will Australia’s currency change?

Assistant Treasury Minister Andrew Leigh confirmed that new Australian coins featuring the bust of King Charles III will be minted and circulated sometime in 2023. However, changes to banknotes won't occur as promptly. 

“It’s a conversation that will take place in government, there’s no rush about it,” Leigh told reporters in Canberra.

“The priority now is changing over the coins, which is a much larger operation.”

The new coins will be minted as soon as an effigy, endorsed by Buckingham Palace, has been received and tested.

The Reserve Bank of Australia (RBA) reported that there will be no immediate change to Australian banknotes.

"The $5 banknotes featuring the image of Her Majesty The Queen can continue to be used. They will not be withdrawn and are likely to remain in circulation for years to come," the RBA said in a statement.

"The reigning monarch has traditionally appeared on the lowest denomination of Australian banknote. The Reserve Bank will provide further updates in due course."

All Australian banknotes issued from 1913 retain their legal tender status.

There may be a commemorative coin released to celebrate The Queen, although this has not been confirmed.

In the United Kingdom, King Charles will not feature on money until 2023 at the earliest, according to the Royal Mint.

The Bank of Canada told Narcity that there was no legislative requirement to switch designs within a prescribed period when the monarch changes, and that the current $20 bill, which features Queen Elizabeth II, "is intended to circulate for years to come."

A 2017 article in the National Post revealed that selecting which effigy appears on future Canadian currency exceeds the mandate of the Canadian government and its coin manufacturer. The Royal Canadian Mint has not produced any advance tooling depicting a future, anticipated monarch.

The history of the Queen’s effigy on Australia’s currency

The profile of Her Majesty Queen Elizabeth II has been a mainstay on Australia’s coins since her coronation in 1953. Her bust appears on the obverse - commonly referred to as the "heads-side" - of all denominations.

Her inclusion on our coins was originally mandated under the Currency Act 1965. There have been six different effigies of Queen Elizabeth II on Australian coins over the years, including designs by Mary Gillick (1953), Arnold Machin (1966), Raphael Maklouf (1985) and Ian Rank-Broadley (1998).

To celebrate the Royal Visit to Australia by Her Majesty The Queen and His Royal Highness The Duke of Edinburgh in 2000, Royal Australian Mint designer Vladimir Gottwald crafted an effigy for a commemorative 50c coin.

The prevailing image was designed by Jody Clark (2018) but the federal government recognises that coins carrying previous portraits of The Queen remain in circulation, as legal tender.

In May 2022, the Mint released a 50c coin celebrating the Queen’s Platinum Jubilee, featuring sprigs of Golden Wattle (a native Australian plant) and Her Majesty’s favourite flower, the Lily of the Valley (native to Europe and Asia).

Ever noticed that all effigies of The Queen face to the right? The Royal Australian Mint asserts that this convention began with Charles II (1660-1685). Since his reign, every new Monarch’s portrait would face the opposite direction to that of their predecessor. Therefore, if Charles III is to be memorialised on our currency his profile will face left.

The Queen’s likeness has also appeared on the $5 banknote since the paper denomination was replaced by a polymer material in 1992. She was also featured on the now defunct $1 bill.

Queen Elizabeth II has been immortalised on currencies in 35 countries including the United Kingdom, Australia, New Zealand, Canada, South Africa, Fiji, Jamaica, Hong Kong, the Bahamas, and other Commonwealth states.

She first appeared on Canada’s $20 note in 1935, when she was only nine years old.

Is this the end of cash?

Despite the majority of respondents to a 2015 Westpac survey declaring that Australia would become a cash-free society by mid-2022, physical currency still exists in day-to-day transactions. Most businesses still accept cash and some consumers prefer it over digital payments, citing security and privacy concerns and budgeting reasons.

The RBA’s Consumer Payments Survey 2019 found that cash accounted for just over one quarter (27%) of all consumer payments in Australia, down from 69% in 2007. This figure has likely receded further in recent years, owing to the global pandemic that began in 2020.

As the digital payments landscape evolves, the federal government has promised a review of regulatory practices to provide consumer protections for Australia’s burgeoning cryptocurrency industry. While we’ve all heard of Bitcoin - and its booms, busts and bubbles - it isn’t the only coin in town. There are alternative investments you may consider.

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