Has King Charles been short-changed? Australia removes British monarchy from banknotes

It looks like King Charles will not be the color of money, at least not where Australian banknotes are concerned. The decision has led some in the British media to claim that King Charles III is being snubbed by the Aussies. Australia’s Reserve Bank consulted with their government in forgoing British monarchs on future $5 AUS banknotes, and as an official statement explains, “The Reserve Bank has decided to update the $5 dollar banknote to feature a new design that honors the culture and history of the First Australians.”

Keep in mind, Australian coins still have Queen Elizabeth II’s face on them, though the Reserve Bank will soon be replacing her image with one of King Charles III. But Andrew Leigh, the Assistant Minister for Competition, Charities and Treasury, didn’t do himself any favors when he told the media, “The decision to include the Queen’s face on the $5 note was about her personally, rather than about her status as the monarch, so that transition [to using King Charles’ face] isn’t automatic.”

This suggests to some that Australia’s admiration for the King is not comparable to that of the late Queen, who has appeared on Aussie coinage since her coronation year of 1953. Removing the monarchy from the $5 banknotes may well unnerve King Charles III who, ironically, has already been reported as worrying whether he’ll be as accepted in the commonwealth as his mother was.

Nonetheless, maybe it’s as simple as honoring Indigenous Australians on Australian currency. Perhaps Jim Chambers, the Reserve Bank treasurer, says it best. “It’s an important opportunity to recognize, on the $5 note, more of our Indigenous heritage and history and culture going back tens of thousands of years.” Sounds to us like it’s about time that Australian currency paid proper respect where it’s long overdue.