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Canadian Imperial Bank of Commerce (CIBC)
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FP/CP say CIBC, rivals hear coin, bills could change

2022-09-12 07:48 ET - In the News

Also In the News (C-BMO) Bank of Montreal
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-NA) National Bank of Canada
Also In the News (C-RY) Royal Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank

The Financial Post reports in its Saturday edition that Canadians are used to seeing Queen Elizabeth II on their money, but that could change following the death of the longest-serving British monarch and Canadian head of state. A Canadian Press dispatch to the Post reports that however, the Bank of Canada, which produces Canada's paper bills, said changes likely will not be seen immediately. The current $20 bank note featuring the Queen, is intended to circulate for years to come, the central bank said, and there is no legislative requirement to change the design within a prescribed period when the monarch changes, it said. New bank notes, including the portrait subject, are approved by the finance minister. One observer says he does not know if Canadians will ultimately see King Charles III, as he is now known, on our bills. The Royal Canadian Mint, which manufactures and distributes Canada's coins, said the government has exclusive jurisdiction over their design. The mint said it will abide by the decision and timetable of the government on changing coins. Mint spokesman Alex Reeves said the legal tender status of coins currently in circulation does not change when a new monarch ascends the throne.

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