Queen Elizabeth Is Being Replaced on Australia's $5 Bill - But Not With King Charles 

The Reserve Bank of Australia confirmed the new banknotes will feature a new design honoring "the culture and history of the First Australians"

King Charles III attends the Epiphany service at the church of St Lawrence, Castle Rising near the Sandringham Estate on January 8, 2023 in King's Lynn, England.
King Charles. Photo: Max Mumby/Indigo/Getty

King Charles III will not be replacing the late Queen Elizabeth II on Australia's new $5 bill.

The country's central bank announced the news on Thursday and confirmed that the banknote will feature a new design that honors "the culture and history of the First Australians."

The other side of the bill, which the bank said will take years to be designed and printed, will continue to feature the Australian Parliament.

The current banknote features a portrait of Queen Elizabeth, who died in September at the age of 96.

"This decision by the Reserve Bank Board follows consultation with the Australian Government, which supports this change," The Reserve Bank of Australia (RBA) said in a release.

5 dollars banknote, 1990-1999, obverse depicting Elizabeth II (1926 -). Australia, 20th century.

"The Bank will consult with First Australians in designing the $5 banknote. The new banknote will take a number of years to be designed and printed. In the meantime, the current $5 banknote will continue to be issued. It will be able to be used even after the new banknote is issued."

"First Australians" refers to Australia's Indigenous population, or First Nations people, who are made up of Aboriginal and Torres Strait Islanders and comprise around 3.2% of the country's population.

While he's not appearing on the new note, King Charles, 74, is still set to be featured on Australian coins. Andrew Leigh,Assistant Minister for Competition, Charities and Treasury, told ABC Radio that the Royal Australian Mint is expected to start producing the coins in the "second half" of 2023.

FEBRUARY 02: Queen Elizabeth II is photographed at Sandringham House to commemorate Accession Day, marking the start of Her Majesty’s Platinum Jubilee Year, on February 2, 2022 in Sandringham, Norfolk.
Chris Jackson/Getty

Officials also confirmed that coins currently in circulation featuring Queen Elizabeth's image will remain legal tender "forever".

In December, The Bank of England released images of Charles on four U.K. banknotes (£5, £10, £20 and £50) for the first time.

The new design will feature a main portrait of the King, who will be coronated in May, on the front side and a smaller cameo inside the currency's see-through security window.

The new King Charles III banknotes
Bank of England

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"I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III," Bank of England governor Andrew Bailey said in a statement.

"This is a significant moment, as The King is only the second monarch to feature on our banknotes. People will be able to use these new notes as they start to enter circulation in 2024."

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