OTTAWA - The Royal Canadian Mint is set to introduce coins with the effigy of King Charles III, marking a significant transition in Canadian currency following the passing of Queen Elizabeth II. Today, the Mint announced its plans to begin pressing the first loonie bearing the new design of King Charles' face, with limited quantities expected to enter circulation in early December 2023.
The Winnipeg-based facility revealed that it had received over 350 submissions for the new coin design, which was ultimately crafted by Canadian portrait artist Steven Rosati. This new design will replace the image of Queen Elizabeth II on all Canadian coins. The selection process involved an internal review panel at the Mint, and the chosen design has been sent to Buckingham Palace for approval, as required by government instructions.
This change comes after earlier actions this year by both the Royal Canadian Mint and the Bank of Canada to update their respective currencies with the image of King Charles. While coins are set to be updated promptly, the redesigned $20 bill featuring King Charles is expected to take several years before it enters circulation.
In a historic event coinciding with these changes, King Charles and Queen Camilla attended the State Opening of Parliament in London on Tuesday last week. Meanwhile, in Canada, preparations were underway for this significant update to the nation's currency.
Despite the shift from Queen to King on Canada's currency, coins that have been in circulation for over 20 years will remain legal tender. The exact timeline for when the public can expect widespread distribution of the new coins has not been specified beyond the initial release in December.
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