There’s been lots of media attention since Queen Elizabeth II died about changes to Australian coins and banknotes.
The Royal Australian Mint has advised that a Palace-approved effigy of King Charles III is likely to be provided to the Royal Australian Mint by the UK Royal Mint in due course. Historically, coins bearing a new Sovereign’s effigy were released approximately 12 months after the coronation of the Sovereign.
The Reserve Bank of Australia says 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 They will not be withdrawn and are likely to remain in circulation for years to come.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 reigning monarch has traditionally appeared on the lowest denomination of Australian banknotes. The Reserve Bank will provide further updates in due course.
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