Portraits and Politics
Ever since the death of Queen Elizabeth II in 2022, the question has been raised about if once her son Charles III’s portrait began to appear on coins and bank notes would currency with her portrait remain as legal tender?
The answer is “yes,” however this is not always true regarding coinage on which a nation’s leader is concerned. Politics plays a role in who gets to appear on coins and bank notes, who doesn’t get to appear, and whose money may be demonetized quickly following that leader’s demise.
Coins on which such leaders such as Alexander III “the Great” of Macedon not only remained as legal tender long after the Macedonian ruler died, but in the case of Alexander coins on which he appears continued to be struck long after his passing in 323 B.C. More than 100 years following Alexander’s death, during the late 3rd century B.C., 51 mints were still producing coins on which his image appears.
On the ‘flip side of that coin’ is the Roman Emperor Caligula, who died in 41 A.D. According to Elena Stolyarik in her 2020 paper Destruction of Emperors’ Images on Roman Coins from the ANS [American Numismatic Society] Collection, “He was so hated that he received the dubious distinction of being the first Roman ruler whose memory was condemned. This damnatio memoriae, ‘condemnation of memory,’ included the destruction of his statues and public inscriptions. His coins did not escape this condemnation; they were pulled from circulation and melted down whenever possible. Some of them were countermarked… TICA celebrating the new emperor Tiberius Claudius Augustus and also effacing the features of Caligula’s portrait.”
In his online paper Damnatio Coinage and Portraiture of Gaius Caligula and Other Julio Claudians Joe Geranio adds, “There is still, however, no clear consensus on whether demonetization was carried out. An immediate and total recall would hardly have been practical, since there was no de facto damnatio.”
In 2002 a marble statue of former British Prime Minister Margaret Thatcher was decapitated. A bronze statue of Saddam Hussein in Baghdad’s al-Fardus Square met a similar fate in 2003.
It is doubtful the coins and bank notes of King Charles III will ever suffer the same indignation as did the currency of Caligula, but not every country that used Queen Elizabeth II as a model for their currency is on board with giving Charles the same honor.
A depiction of the late queen appears on coins of 33 countries. Her vignette has graced bank notes of more than 30 countries and territories. Canada was the first to use an image of Elizabeth II, this being in 1935 when Canada depicted the then 9-year-old Princess on its $20 bank notes.
The new king first appeared on a
British coin in 1981 while he was Prince of Wales. Charles appears left jugate with his bride Lady Diana Spenser on the reverse, while Queen Elizabeth II appears on the obverse of this Royal Wedding 25-pence coin.
To Charles’ credit, he is bringing the British monarchy into the
21st century numismatically. It can be seen plainly through the recently released British coinage on which Charles’ image appears on the obverse. During the reign of his predecessor, various monarchial symbols appeared as the reverse subjects. The reverse of Charles’s British coins celebrate the new king’s love of the natural world with hopes the subjects chosen will appeal to children as well as to adults.
As might be expected a vignette of Charles will appear on all four (£5, £10, £20 and £50) English bank note denominations. Even here Charles has changed the format, his image facing straight outward rather than in side profile. The king does not wear what had been the traditional crown of monarchy on these new polymer composition notes.
There are active campaigns seeking to separate countries from their relation with the English monarchy. In a May 3, 2023, GlobalNews.ca article Carleton University political science professor Jonathan Malloy observed, “Different countries are going to approach it differently, depending on the level of attachment to the monarchy and the strength of the republican movement in each country.”
Addressing Canada’s decision to continue depicting the monarch on its money Malloy said, “I don’t think Prime
Minister [Justin] Trudeau wants to get rid of the monarchy, but he also doesn’t want to call attention to it. Whereas the Conservatives, I’m sure, would put (King) Charles on the money.”
According to Bank of Canada spokeswoman Amelie Ferron-Craig, “As always, the minister of finance is responsible for approving the form and material of any new bank note, including the portrait subject, in accordance with the Bank of Canada Act,” continuing, “As such, it would be up to the government to announce if the king’s portrait is going to appear on any bank note.”
Charles’ image began to appear on Canada dollar coins on Nov. 14, 2023. The image on these coins was created by Canadian artist Steven Rosati. The image was described by Finance Minister Chrystia Freeland as being “a fitting tribute, and Canada is proud to mark his majesty’s birthday with the striking of this first circulation coin.”
The Royal Canadian Mint has been depicting the current monarch on Canada’s coins since 1908 when the mint was founded. It appears this will continue. This isn’t true everywhere.
Barbados stopped recognizing the British monarch as the island’s head of state in 2021. According to the Antigua Observer newspaper, Eastern Caribbean Central Bank Governor Timothy N. J. Antoine said there may be “no appetite” for continuing to feature the monarch on its currency. Other Caribbean nations had not committed one way or the other to depicting the king on their future coins and bank notes at the time this article was being written.
Charles will not appear on any bank notes of Australia although he will appear on all circulation strike coins. The coinage portrait is the official Commonwealth effigy designed by the Royal Mint in London with the king’s approval. Australian dollar denomination coins were the first to be issued.
The Reserve Bank of Australia $5 was the only remaining note denomination on which the British monarch had appeared. Queen Elizabeth II’s vignette will be replaced with an Indigenous design rather than a vignette of the king. According to a bank spokesman, this will honor “the culture and history of the First Australians,” while “The other side of the $5 bank note will continue to feature the Australian parliament.”
Treasurer Jim Chalmers said, “The monarch will still be on the coins, but the $5 note will say more about our history and our heritage and our country, and I see that as a good thing.”
Opposition leader Peter Dutton said Australian Prime Minister Anthony Albanese was central to the decision for the king not to appear on Australian bank notes, urging Albanese to “own up to it.”
Australia still retains the British monarchy as its official head of state, however, the role is primarily symbolic. There is active debate in Australia regarding to what extent Australia should retain its constitutional ties to Great Britain.
The Reserve Bank of New Zealand said it intends to continue to depict the monarch on coins once an image has been approved by the king, however, the transition is anticipated to take several years. Likewise, the RBNZ plans to exhaust its stock of existing $20 bank notes before introducing new notes on which Charles will appear.