Lyla Lindsey
Following the death of Queen Elizabeth II in 2022, the Reserve Bank of Australia has indicated that King Charles III will eventually appear on the $5 note, replacing the portrait of the Queen. Older coins bearing the effigy of Queen Elizabeth II remain legal tender and will continue to circulate alongside new coins featuring the new monarch. The transition to new coinage may take some time, with the Reserve Bank of Australia stating there will be no immediate change to Australian banknotes.
| Characteristics | Values |
|---|---|
| Queen's portrait on Australian currency | Traditionally, the reigning monarch is portrayed on the smallest denomination banknote. |
| Since 1966, about 15 billion Australian coins have featured Queen Elizabeth II. | |
| Transition to new monarch | King Charles III is expected to be on coins in 2023, but the transition may take time. |
| Coins with the effigy of either Queen Elizabeth II or King Charles III will co-mingle in circulation. | |
| The Reserve Bank of Australia (RBA) has stated there will be "no immediate change" to Australian banknotes. | |
| Design process | In 1952, 17 artists were invited to submit designs, and two sculptors were chosen to have sittings with the Queen. |
| Mary Gillick's design of a "fresh" and "approachable" young Queen with a laurel wreath in her hair was chosen. | |
| Updates to the Queen's effigy | The design was updated in 1966, 1985, 1998, and 2019 to mark the progression of her reign. |
| Artists added personal touches, switching crowns, adding jewellery, and etching wrinkles as the Queen aged. | |
| Removal of the monarchy from banknotes | The Australian government is debating the extent of its constitutional ties to Britain. |
| The $5 bill will feature a design honouring "the culture and history of the First Australians." | |
| The monarch will still appear on coins. |
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What You'll Learn
Queen Elizabeth II's image on Australian currency
Queen Elizabeth II's image has appeared on Australian currency for decades. Traditionally, the reigning monarch is portrayed on the smallest denomination banknote, and on the heads side of coins. Elizabeth II's portrait was first introduced on Australian currency in 1966, when Australia transitioned from pounds to dollars, and it has been a small reminder of the country's connection to the royal family and its status as a constitutional monarchy.
Since 1966, about 15 billion Australian coins have been minted with an image of Queen Elizabeth II. The design of the Queen's effigy has been updated several times to mark the progression of her reign, with artists adding their own personal touches, such as switching crowns, adding jewellery, and etching in wrinkles as the Queen aged. The most recent change to the design was in 2019.
Following the death of Queen Elizabeth II in 2022, the Royal Australian Mint expects King Charles III to be featured on coins in the future. However, the transition may take some time, and coins bearing the late Queen's effigy may continue to be minted and circulated alongside the new coins. The Reserve Bank of Australia (RBA) has stated that there will be no immediate change to Australian banknotes, and that all existing coins and banknotes with the Queen's image remain legal tender.
The Australian government is currently debating the extent to which it should retain its constitutional ties to Britain, and there are plans to consult with Indigenous groups in designing new currency. The $5 note will no longer feature the portrait of the monarch, but will instead honour "the culture and history of the First Australians", while still featuring the Australian parliament on the other side.
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King Charles III's expected appearance on Australian coins
Australian coins have featured Queen Elizabeth II since the introduction of decimal coinage in 1966. The tradition of monarchs' portraits on coins goes back centuries and is used to celebrate and reinforce their rule. The portrait of the Queen was the only visual element that was unchanged in the transition from Australian pounds to Australian dollars in 1966.
Following the death of Queen Elizabeth II in 2022, King Charles III will now appear on Australian coins, marking a significant transition in the numismatic representation of the monarchy. The first coins featuring the effigy of His Majesty King Charles III have been manufactured by the Royal Australian Mint and released into circulation. The first batch of 3.5 million $1 coins has been delivered to banks and will start to appear in cash registers across the country. The remaining denominations of circulating coins will be released progressively in 2024, based on bank demand.
Tradition holds that each British monarch's portrait on coins should face in the opposite direction to their predecessor. George IV faced left, Elizabeth II faced right, and thus we expect Charles III to face left. The design of Charles' portrait is yet to be determined but will be supplied by the United Kingdom's Royal Mint.
Older coins bearing the effigy of Queen Elizabeth II remain legal tender and will continue to circulate for some time, eventually being replaced with coins bearing an effigy of King Charles III naturally over time.
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The history of Australian currency
In 1901, the currency used in the Australian colonies consisted of British silver and copper coins, Australian-minted gold sovereigns and half sovereigns, locally minted copper trade tokens, and private bank notes. The Queensland government also issued treasury notes and banknotes that were legal tender in Queensland, and the New South Wales government issued a limited series of treasury notes in 1893.
In 1910, the federal Labor Government passed the Australian Notes Act, which introduced a national currency, the Australian pound. The Australian pound was initially at par with the British pound, with an exchange rate of A£1 = UK£1. The Australian pound was divided into 20 shillings, and each shilling was divided into 12 pence, making a pound worth 240 pence.
In 1929, as an emergency measure during the Great Depression, Australia left the gold standard, resulting in a devaluation relative to sterling. In 1931, the Australian currency was devalued again, this time by 25%, so that one pound five shillings Australian was equivalent to one pound sterling.
In 1966, the Australian pound was decimalised as the Australian dollar, with a conversion rate of two dollars to the pound (A£1 = A$2). The introduction of the new currency was accompanied by an educational jingle set to the tune of "Click Go the Shears", broadcast by media outlets to help the public familiarise themselves with the new currency. The Australian dollar was introduced as a decimal currency on 14 February 1966, with the $ symbol preceding the amount.
Since 1966, about 15 billion Australian coins have been minted with an image of Queen Elizabeth II. Following the Queen's death in 2022, King Charles III began to appear on new Australian coinage, marking a significant transition in the numismatic representation of the monarchy. Older coins bearing the effigy of Queen Elizabeth II remain legal tender and will continue to circulate for some time.
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The debate surrounding Australia's ties to Britain
Australia's ties to Britain have been a topic of debate for years, with some Australians questioning the nation's constitutional links to Britain and calling for a republic. The debate was rekindled following Queen Elizabeth II's death in 2022 and King Charles III's subsequent visit to Australia in 2024.
The Australian Republic Movement, which campaigns for an Australian citizen to replace the British monarch as head of state, likens the royal visit to a touring act in the entertainment industry. They argue that Australia's head of state is not full-time, not Australian, and based overseas. On the other hand, monarchists expect the visit will strengthen Australians' connection to their sovereign. The chairman of the Australian Monarchist League, Eric Abetz, described the monarch as a "stable, enduring, unifying part of our democratic arrangements."
Historically, Australia has had strong ties to Britain. When Queen Elizabeth II took over as monarch, Australia was a British nation, with the majority of its population of British or Irish descent. Australia's foreign policy has traditionally been aligned with Britain's, with both countries sharing a common Anglo-Saxon identity and coordinating on international security and threat assessments. The two countries have also recently strengthened their economic ties through a historical trade deal.
However, Australia has evolved into a multicultural nation, with most of its population either born overseas or with an overseas-born parent. The increasing military-political and economic dependence on Britain has also raised concerns about Australia's ability to act as a reliable international actor. Additionally, the legacy of British colonialism and the slave trade has sparked a larger reckoning in Australia and other former imperial possessions, leading to a thriving republican movement.
As Australia reconsiders its ties to the British monarchy, the transition from Queen Elizabeth II to King Charles III on Australian coinage marks a significant shift in the numismatic representation of the monarchy. The new coins will be a reminder of the changing nature of Australia's relationship with the British monarchy.
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The role of the monarch in Australian currency
Traditionally, the monarch has been portrayed on the lowest denomination of Australian banknotes, such as the now-defunct $1 note, and on one side of coins. This tradition dates back to ancient times, with rulers using portraits on coinage to celebrate and reinforce their rule. Queen Elizabeth II's portrait has been a familiar sight on Australian currency since the introduction of decimal coinage in 1966, with her image adorning the "heads" side of coins. The design of the Queen's effigy on Australian currency has been updated several times over the years to mark the progression of her reign and reflect her ageing.
With the transition to a new monarch, King Charles III is expected to appear on Australian coins in 2023, facing the opposite direction to his predecessor, as is tradition. The design of the new portrait is yet to be determined but will be supplied by the United Kingdom's Royal Mint. Coins bearing the effigy of Queen Elizabeth II will remain legal tender and continue to circulate alongside the new coins for some time.
While the monarch's role on Australian coins is set to continue, there are moves to remove the British monarchy from new Australian banknotes. The Reserve Bank of Australia has announced that the $5 bill will feature a new design that honours the culture and history of the First Australians, replacing the portrait of the Queen. This decision reflects the changing nature of Australia's relationship with the monarchy, as the country debates the extent of its constitutional ties to Britain.
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Frequently asked questions
Yes, Australian money has had the Queen on it since the introduction of decimal coinage in 1966. However, following the death of Queen Elizabeth II, King Charles III is expected to be on coins in 2023.
The British monarch remains Australia's head of state, and it is traditional for the monarch to appear on the lowest denomination of Australian banknotes.
Older coins bearing the effigy of Queen Elizabeth II remain legal tender and will continue to circulate for some time. They will eventually be replaced with coins bearing an effigy of King Charles III naturally over time.
