## CURRENCY NOTES

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**Canonical URL:** [CURRENCY NOTES](https://www.imf.org/-/media/files/publications/fandd/article/2023/june/currency-notes.pdf)

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### Context and trigger
- Queen Elizabeth II’s 2022 passing has ignited a debate in the Commonwealth realms (a group of 14 former British colonies and the United Kingdom) over whether or not to feature the new monarch on currency notes.
- In the United Kingdom, new banknotes featuring King Charles III will enter circulation in 2024, alongside existing notes bearing Queen Elizabeth’s likeness.

### Recent and planned changes to banknote imagery
- United Kingdom:
  - King Charles III will be the second monarch to be featured on UK currency, after Queen Elizabeth, who made her first appearance on a note in 1960.
- Australia:
  - The queen’s image, featured on Australia’s banknotes since her 1953 coronation, will be replaced on the five-dollar bill with a new design honoring the nation’s indigenous heritage and culture.
  - The Reserve Bank of Australia is "now embarking on a process of consultation with First Australians on the new design."
  - It will take at least a few years to design and circulate the new note.
- New Zealand:
  - The central bank has reported that it will be “several years” before the new monarch replaces the queen on $NZ 20 notes.
- Canada:
  - The Bank of Canada expressed a similar sentiment that it will be “several years” before the new monarch replaces the queen on its currency.
- Barbados:
  - Two years ago, Barbados cut the last of its ties with the monarchy—having replaced the queen much earlier on its banknotes—and elected a Barbadian as the head of state.
- The Bahamas:
  - The Central Bank of the Bahamas released a new B$100 bill in 2021, replacing the queen’s image with one of the country’s founding fathers, former Deputy Prime Minister Arthur Dion Hanna.
  - Today, the queen’s likeness remains only on the half-dollar and three-dollar notes, with no immediate plans to replace hers with the image of the new monarch.
- Jamaica:
  - Jamaica removed the monarch from its currency in 1969 and is now planning a referendum to determine whether to elect their head of state.
- Eastern Caribbean:
  - Queen Elizabeth features prominently on the Eastern Caribbean dollars shared by eight nations; the Eastern Caribbean Central Bank noted that “there are people who feel it’s time to move in a different direction.”

### Drivers and significance
- Historical and identity factors:
  - Moves to replace monarchic imagery are part of a larger movement to forge an independent identity and to confront histories of colonialism, slavery, and racism.
  - The article links global events—such as the 2020 death of George Floyd—to renewed reassessments of social justice and equality that have influenced calls to change currency imagery.
- Symbolism:
  - Banknotes are described as “the heart of our national identity,” and the person depicted is framed as a powerful symbol that can immortalize national values or historical figures.
  - Numismatic scholar Harcourt Fuller: “The queen’s passing was a jolt that changed the course of history and international relations.”
  - Bank of England chief cashier Sarah John: “For lots of people, they’ve always had the image of the monarch on the banknote,” and banknotes are viewed as part of British culture.

### Practical considerations and timing
- Transition timelines:
  - UK new notes featuring King Charles III: 2024.
  - Australia: design and circulation will take at least a few years.
  - New Zealand and Canada: “several years” before replacement on specified denominations.
- Existing circulation choices:
  - Some countries have already replaced the queen on specific denominations or only retain her on limited denominations (example: The Bahamas retains the queen on the half-dollar and three-dollar notes).

### Observations and quotations
- “I am proud that we have now moved to a point where we can showcase our national heroes,” said Nassau-based legal consultant Linda Virgill (on The Bahamas’ change).
- “Symbols, sometimes, are more powerful than the actual substance they represent,” said Fuller.

*Source: currency-notes*

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_Source: https://www.imf.org/-/media/files/publications/fandd/article/2023/june/currency-notes.pdf_