## Currency Notes: Face Value

## Source details

**Canonical URL:** [Currency Notes: Face Value](https://www.imf.org/en/publications/fandd/issues/2023/06/currency-n-face-value-smita-aggarwal)

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## Bibliographic details
- Authors: SMITA AGGARWAL
- Published: June 1, 2023

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### Overview
- Many Commonwealth countries are reconsidering whom to feature on their banknotes following Queen Elizabeth II’s 2022 passing.
- The debate involves a group of "14 former British colonies and the United Kingdom" (the Commonwealth realms) and centers on whether to feature King Charles III or to replace the monarch’s image with national icons.

### Country examples and specific actions
- United Kingdom
  - "New banknotes featuring the king’s image will enter circulation in 2024," alongside existing notes bearing Queen Elizabeth’s likeness.
  - King Charles III will be "the second monarch to be featured on the UK currency, after Queen Elizabeth, who made her first appearance on a note in 1960."
- Australia
  - The queen’s image has been featured on Australian banknotes "since her 1953 coronation."
  - The five-dollar bill will be replaced with a new design honoring the nation’s indigenous heritage and culture; the Reserve Bank of Australia is "embarking on a process of consultation with First Australians."
  - The redesign "will take at least a few years to design and circulate."
- New Zealand and Canada
  - New Zealand: the central bank reported it will be "several years" before the new monarch replaces the queen on "NZ$ 20 notes."
  - Bank of Canada expressed a similar "several years" sentiment regarding 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 former Deputy Prime Minister Arthur Dion Hanna.
  - 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," and the Eastern Caribbean Central Bank signaled pressure for a rethink and greater use of "our own landmarks and our own heroes."

### Motivations and broader context
- Historical reckoning and identity
  - Moves reflect a desire to "forge an independent identity by reflecting on a turbulent history with colonialism, slavery, and racism."
  - Currency redesigns are tied to "assertion of an independent identity, and popular movements to honor national icons."
- Social justice influence
  - Events such as the 2020 death of George Floyd "resonated globally—especially in countries with marginalized groups" and spurred reassessments of national symbols.
  - Quoted perspective: "It allowed them to reassess and to say that we have to take that next great leap forward in terms of social justice and equality. Currency is one of those leaps."
- Cultural symbolism
  - Banknotes are characterized as "the heart of our national identity," and there is emphasis that "the person whose image is on the money matters—it’s a symbol and a chance to be immortalized."
  - Scholar viewpoint: "Symbols, sometimes, are more powerful than the actual substance they represent."

### Key findings and timelines (exact figures)
- "14 former British colonies and the United Kingdom" are engaged in the debate.
- United Kingdom: new notes featuring King Charles III will "enter circulation in 2024."
- Queen Elizabeth first appeared on a UK note in "1960."
- Australia: queen featured on banknotes "since her 1953 coronation"; five-dollar bill redesign will take "at least a few years" to design and circulate.
- New Zealand: replacement on "NZ$ 20 notes" will take "several years."
- Bahamas: new "B$ 100 bill" released in "2021"; queen remains on "the half-dollar and three-dollar notes."
- Jamaica: monarch removed from currency in "1969."
- Eastern Caribbean dollars are shared by "eight nations."
- Global catalyst: "2020" death of George Floyd cited as resonant.

*Source: "Currency Notes: Face Value", F&D Magazine — SMITA AGGARWAL, June 2023.*

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_Source: https://www.imf.org/en/publications/fandd/issues/2023/06/currency-n-face-value-smita-aggarwal_