Queen Elizabeth II has been the only monarch to feature on Australia’s decimal currency,which was introduced in 1966.
Produced by the Royal Australian Mint,coins featuring the Queen will remain legal tender,so there will be a mix of coins with either monarch in circulation for some time. The Royal Australian Mint and the Department of Treasury did not respond to requests to comment on the process.
Notes are produced by an arm of the Reserve Bank,and creating a design for a new banknote is a complex process. A spokesperson said it could take several years between a banknote being printed and going into circulation,and newly printed bills were released as needed.
Existing $5 notes with the Queen’s image will also remain legal tender.
“There will be no immediate change to Australian banknotes,” the RBA’s spokesperson said.