What happens to our cash now that Queen Elizabeth II has passed?

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Operation London Bridge details plans for the event that the monarch passes away in England (“London Bridge is down” is the code phrase for the Queen’s passing), while Operation Unicorn is the plan for what happens if Queen Elizabeth dies in Scotland (due to the unicorn being Scotland’s national animal). 

As it unfolded, Queen Elizabeth II passed away aged 96 in her favourite Scottish residence Balmoral. 

Following Operation Unicorn protocol, Queen’s body will be transported from north-east Scotland to Alberdeen, put on the Royal Train to Edinburgh to stay in the medieval palace Holyrood house for a day, then up the Royal Mile to St Gile’s Cathedral near Edinburgh Castle. Mourners will pay respects along the route. Then, following the Scottish ceremonies, the Queen will take a final trip to London. 

Once she crosses the border, Operation London Bridge will commence, with the Queen resting in Buckingham Palace’s throne room, then to Westminster Hall. Then, she will be carried to Westminster Abbey. At 11AM, about ten days after the Queen’s death, Big Ben will ring, and the funeral precession will begin. There will be silence, and world will say farewell to the longest reigning monarch since Louis XIV of France.

As of today, King Charles III will take the “reigns” – issuing his first statement as His Majesty the King. There will soon be a Proclamation of the King held by the Accession Council, and Charles will be proclaimed King by the Garter King of Arms – beginning his kingly duties the following day. His official coronation will most likely be held within a year.

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The Royals might be from (very) Old Money, but it’s the new coins and notes they grace the face of. Queen Elizabeth II appears on the most currencies in history, with her effigy featured on the coins of 33 countries and notes of 35 countries over her time. 

So what happens now?

When it comes to the Great British Pound (GBP), King Charles III has already sat for his portrait, and once a version is chosen, new currency bearing his image (facing left, the opposite direction to Queen Elizabeth, as per tradition) will slowly and surely enter circulation. Don’t worry – money with the late Queen’s image will still be legal tender.

Other countries bearing her face on their currencies include the Bahamas (BSD), Belize (BZD), Cayman Islands (KYD), Antigua and Barbuda with their East Caribbean Dollars (XCD), Solomon Islands (SBD), Isle of Man (IMP), States of Jersey (JEP) and Gibraltar (GIP).

What about Canada and New Zealand?

Did you know the Queen first appeared on Canada’s $20 banknote when she was just an eight-year-old princess? 

The Royal Canadian Mint says it will “abide by the decision and timetable” of the federal government on when it will transition to money featuring King Charles III. All notes and coins featuring the Queen are still fine to be used and will be for years to come. And the notes will still smell like maple syrup.

Similarly, the New Zealand Dollar (NZD), will slowly transition to having the new King’s imagery on their currency, though they’re not in any rush. All their money featuring the late Queen will also remain legal tender.

… And Australia?

Well, as it stands at the present, we’re part of the Commonwealth, so like our Canadian and New Zealand friends our coins will eventually switch from heads depicting Queen Elizabeth facing right to King Charles facing left. The monarchy actually only features on our lowest denomination note – the fiver – so it’s assumed that the five dollar note will eventually transition to King Charles III as well.

But what if we ditch the crown?

There is chatter that Australia might hold another referendum on whether we stay part of the Commonwealth or become a republic. The last referendum was 20 years ago, and the Australian Republic Movement (ARM) earlier this year unveiled a proposal for transitioning to a republic model. Now that Queen Elizabeth has passed, there may be renewed interest in the discussion, but only time will tell whether the chatter becomes more than a buzz, and it’s a coinflip on what the outcome would be. 

Besides, this referendum will have to be added to the queue – first and foremost is the referendum for providing a First Nations voice to parliament, which is indicated to take place in 2023.

What would a crownless currency look like?

However, in the case that we did become independent of the crown, then our currency might change from representing the Queen/King to featuring native Australian fauna, flora and landmarks as it did in Bermuda and Fiji when they changed their banknotes from featuring the Queen to depicting tropical paradise. Alternatively, it could feature a prominent First Nations figure, or other people of note from Australia.

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No matter what happens next, the Commonwealth won't be the same without Queen Elizabeth.